Fifth Third Bank Receives Approval on Application to Convert to National Bank Charter
September 10 2019 - 4:42PM
Business Wire
Fifth Third Bancorp (Nasdaq: FITB) today announced that Fifth
Third Bank has received approval from the Office of the Comptroller
of the Currency (“OCC”) to convert from an Ohio state-chartered
bank to a national bank. The conversion is intended to better align
regulatory supervision with its expanding national business model
by streamlining its operations under one uniform set of laws and
regulations.
About Fifth Third
Fifth Third Bancorp is a diversified financial services company
headquartered in Cincinnati, Ohio and the indirect parent company
of Fifth Third Bank, an Ohio-chartered bank. As of June 30, 2019,
Fifth Third had $169 billion in assets and operated 1,207
full-service Banking Centers and 2,551 ATMs with Fifth Third
branding in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida,
Tennessee, West Virginia, Georgia and North Carolina. In total,
Fifth Third provides its customers with access to approximately
53,000 fee-free ATMs across the United States. Fifth Third operates
four main businesses: Commercial Banking, Branch Banking, Consumer
Lending and Wealth & Asset Management. Fifth Third is among the
largest money managers in the Midwest and, as of June 30, 2019, had
$399 billion in assets under care, of which it managed $46 billion
for individuals, corporations and not-for-profit organizations
through its Trust and Registered Investment Advisory businesses.
Investor information and press releases can be viewed at
www.53.com. Fifth Third’s common stock is traded on the
Nasdaq® Global Select Market under the symbol “FITB.” Fifth Third
Bank was established in 1858. Deposit and Credit products are
offered by Fifth Third Bank. Member FDIC.
Forward-Looking Statements
This release contains statements that we believe are
“forward-looking statements” within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Rule 175 promulgated
thereunder, and Section 21E of the Securities Exchange Act of 1934,
as amended, and Rule 3b-6 promulgated thereunder. These statements
relate to our financial condition, results of operations, plans,
objectives, future performance or business. They usually can be
identified by the use of forward-looking language such as “will
likely result,” “may,” “are expected to,” “is anticipated,”
“potential,” “estimate,” “forecast,” “projected,” “intends to,” or
may include other similar words or phrases such as “believes,”
“plans,” “trend,” “objective,” “continue,” “remain,” or similar
expressions, or future or conditional verbs such as “will,”
“would,” “should,” “could,” “might,” “can,” or similar verbs. You
should not place undue reliance on these statements, as they are
subject to risks and uncertainties, including but not limited to
the risk factors set forth in our most recent Annual Report on Form
10-K. When considering these forward-looking statements, you should
keep in mind these risks and uncertainties, as well as any
cautionary statements we may make. Moreover, you should treat these
statements as speaking only as of the date they are made and based
only on information then actually known to us. We undertake no
obligation to release revisions to these forward-looking statements
or reflect events or circumstances after the date of this
document.
There are a number of important factors that could cause future
results to differ materially from historical performance and these
forward-looking statements. Factors that might cause such a
difference include, but are not limited to: (1) deteriorating
credit quality; (2) loan concentration by location or industry of
borrowers or collateral; (3) problems encountered by other
financial institutions; (4) inadequate sources of funding or
liquidity; (5) unfavorable actions of rating agencies; (6)
inability to maintain or grow deposits; (7) limitations on the
ability to receive dividends from subsidiaries; (8) cyber-security
risks; (9) Fifth Third’s ability to secure confidential information
and deliver products and services through the use of computer
systems and telecommunications networks; (10) failures by
third-party service providers; (11) inability to manage strategic
initiatives and/or organizational changes; (12) inability to
implement technology system enhancements; (13) failure of internal
controls and other risk management systems; (14) losses related to
fraud, theft or violence; (15) inability to attract and retain
skilled personnel; (16) adverse impacts of government regulation;
(17) governmental or regulatory changes or other actions; (18)
failures to meet applicable capital requirements; (19) regulatory
objections to Fifth Third’s capital plan; (20) regulation of Fifth
Third’s derivatives activities; (21) deposit insurance premiums;
(22) assessments for the orderly liquidation fund; (23) replacement
of LIBOR; (24) weakness in the national or local economies; (25)
global political and economic uncertainty or negative actions; (26)
changes in interest rates; (27) changes and trends in capital
markets; (28) fluctuation of Fifth Third’s stock price; (29)
volatility in mortgage banking revenue; (30) litigation,
investigations, and enforcement proceedings by governmental
authorities; (31) breaches of contractual covenants,
representations and warranties; (32) competition and changes in the
financial services industry; (33) changing retail distribution
strategies, customer preferences and behavior; (34) risks relating
to the merger with MB Financial, Inc. and Fifth Third’s ability to
realize anticipated benefits of the merger; (35) difficulties in
identifying, acquiring or integrating suitable strategic
partnerships, investments or acquisitions; (36) potential dilution
from future acquisitions; (37) loss of income and/or difficulties
encountered in the sale and separation of businesses, investments
or other assets; (38) results of investments or acquired entities;
(39) changes in accounting standards or interpretation or declines
in the value of Fifth Third’s goodwill or other intangible assets;
(40) inaccuracies or other failures from the use of models; (41)
effects of critical accounting policies and judgments or the use of
inaccurate estimates; (42) weather-related events or other natural
disasters; and (43) the impact of reputational risk created by
these or other developments on such matters as business generation
and retention, funding and liquidity.
You should refer to our periodic and current reports filed with
the Securities and Exchange Commission, or “SEC,” for further
information on other factors, which could cause actual results to
be significantly different from those expressed or implied by these
forward-looking statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20190910006115/en/
Gary Rhodes (Media Relations) Gary.rhodes@53.com |
513-534-4225
Chris Doll (Investor Relations) Christopher.Doll@53.com |
513-534-2345
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