Fifth Third Bank Files Application with Office of the Comptroller of the Currency to Convert to National Bank Charter
May 30 2019 - 2:30PM
Business Wire
Fifth Third Bancorp (Nasdaq: FITB) today announced that Fifth
Third Bank has filed an application with the Office of the
Comptroller of the Currency (“OCC”) to convert from an Ohio
state-chartered bank to a national bank to better align regulatory
supervision with its expanding national business model by
streamlining its operations under one uniform set of laws and
regulations. The application is subject to regulatory approval.
Corporate Profile
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 March 31, 2019,
Fifth Third Bancorp had $168 billion in assets and operated 1,207
full-service banking centers and 2,559 ATMs with Fifth Third
branding in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida,
Tennessee, West Virginia, Georgia and North Carolina. In total,
Fifth Third Bancorp, through Fifth Third Bank, provides its
customers with access to approximately 52,000 fee-free ATMs across
the United States. Fifth Third Bancorp operates four main
businesses: Commercial Banking, Branch Banking, Consumer Lending
and Wealth & Asset Management. Fifth Third Bancorp is among the
largest money managers in the Midwest and, as of March 31, 2019,
had $394 billion in assets under care, of which it managed $44
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 Bancorp’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/20190530005760/en/
Chris Doll (Investors)513-534-2345
Gary Rhodes (Media)513-534-4225
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