The Fifth Third Bank is one of the successful banking corporations of the United States based in Cincinnati, Ohio. It is a very diverse financial institution operating in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Pennsylvania, Georgia, North Carolina and Missouri, through 106 Bank Mart located inside select grocery stores which are open seven days a week, 2,213 ATMs and18 affiliates with 1,232 full service Banking Centers. The total assets of Fifth Third Bank are $111 billion. Considering its diversity, Fifth Third Bank indulges in Branch Banking, Commercial Banking, Consumer lending, Fifth Third Processing Solutions and Investment Advisors.
Fifth Third Bank has a very interesting rather amusing history behind its name. It was incorporated as the Bank of the Ohio Valley opened in Cincinnati in June 17, 1858. Five years later it was acquired by The Third National Bank and so its name was changed to The Third National Bank. Then in the year 1908 on first of June, the Third National Bank and The Fifth National Bank were merged. During the time of the merger of the two banks the prohibitionist ideas were very popular so instead of naming it to ‘Third Fifth’ that can be related to the three fifths of alcohol it was named as ‘Fifth Third’.
The name of the Fifth Third Bank has been very much used in cyber phishing scams. According to McAfee, a computer security company, 33% scam mails in the year 2006 were sent by the name of Fifth Third Bank.
Fifth Third Bank has entered into many mergers and acquisitions as its expansion strategy. Fifth Third Bank purchased R-G Crown Bank of Casselberry, Florida with 30 branches and 3 in Georgia in 2007. Then in 2008 Fifth Third Bank acquired First Charter Bank of Charlotte, North Carolina adding 59 branches in total to its portfolio. Fifth Third Processing Solutions LLC started working in June 2009 which came into being as a joint venture with Advent International by selling 51% of its shares of credit card division known as Fifth Third Processing Solutions, for $561 million in cash.
Like many other corporations, Fifth Third Bank is pretty well aware of its duty towards the community in which they are operating. Off and on they have carried out many community service activities in monetary from or in other forms as well. In the year 2008 The Fifth Third Foundation granted over $3.4 million as charity. In order to groom their employees and also to improve their image, it has been participating in various community service activities by volunteering its employees. The Fifth Third Bancorp provides funds and staffs for a variety of community support projects. They have only been able to do so with the help of their volunteering employees. Similarly their employees also volunteers for several advocacy groups who support Fifth Third's community investments. One of the major community services that Fifth Third Bank is doing is providing housing facilities to the local neighborhoods. It has also run many revitalization projects. All these housing and revitalization projects are funded by The Fifth Third Bank Community Development Corporation. It has been providing grants and funds to various charitable organizations.
Through all these primary and secondary activities Fifth Third Bank has established a very strong position and is still growing. Fifth Third Bank is also famous among the students fro the variety of loans that it provides them at a very reasonable cost. Fifth Third Bank has also given its naming rights to few organizations in the result of which the following has been named after it:
1. Fifth Third Field: a minor league baseball stadium in Dayton, Ohio
2. Fifth Third Field: a minor league baseball stadium in Toledo, Ohio
3. Fifth Third Ballpark: a baseball stadium located in Comstock Park, Michigan
4. Fifth Third Arena: a 13,176-seat multi-purpose arena in Cincinnati, Ohio
