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The headquarter of the bank is situated at the fifth third center of Cincinnati-Ohio and owns 4.9% of Worldpay Inc.
The terminologies “Fifth” and “Third” incorporated in the name of the bank commonly raise curiosity by a general mass, and many think there must be something special in the name. It is true.
The name has a historical background which evolved around 1908 when the “Third National Bank” (originally the “Bank of the Ohio Vally” developed as Third National Bank on 23rd June 1863) and the “Fifth National Bank” merged in 1st June 1908 and after a series of changing its names finally adopted the name “Fifth Third Bank” on 24th March 1969.
The bank in numerical figures can be recognized as 53 bank. The following article attempts to bring about everything about 53 bank; A piece that is intended to be educative and informative.
The bank itself was founded on June 17, 1858, and was referred to as The Bank of Ohio Valley. The company and the name of the present day was a result of the merging of the Third Bank and Fifth Bank in 1908 to become Fifth Third Bank.
Interestingly enough, the name itself underwent a lot of changes over time. It first was initially called Third Fifth Bank but for the fears of it being misunderstood as third fifths which are associated it finally came to change and now referred to as Fifth Third Bank. This was on March 24, 1969.
The nearest Fifth Third Bank has its headquarters based Fifth Third Center located in Cincinnati, Ohio. This back is the principal subsidiary of Fifth Third Bancorp. Additionally, it registers a number of 1,154 branches all over coupled with 2,469 automated teller machines in a number of regions such as Ohio itself, Michigan, Illinois, Tennessee, and West Virginia just to name a few.
It is a public company by its own rights and it is traded as NASDAQ: FITB S&P 500 Component. Fifth Third Bank owns 4.9% of Worldpay Inc. It is under the Banking and Financial Services industry. This bank is under the chairmanship of Grey D. Carmichael and its CEO is Lars C. Anderson. The bank is posted as 389th on Fortune 500.
This could be attributed to its numbers that is its net income posted at $2.1946 billion, total assets total to $142.1936 and its total equity is $16.3856. This is quite huge figures which could be attributed to its being in the industry for a very long, 160 years. Fifth Third Bank nearby has 18,125 persons as its total number of employees. You can find the bank online at www.53.com.
Over recent years the bank has had several acquisitions that accumulate to its growth in totality. Some include the acquisition of Cumberland Federal based in Kentucky Bancorp back in 1994. The 1995 acquisition of branches twelve in number in Dayton, Ohio, and acquisition of Enterprise Federal Bancorp just to name a few. Recently on November 2017, it acquired Epic Insurance Solutions Agency in addition to Coker Capital Advisors which was acquired in February 2018.
The Fifth Third bank got world publicity and became known to everybody because of its controversies and the unfortunate 2018 shooting incident. The bank was drawn mainly to two controversies (1) Data Breach at TJX in 2007, and (2) Discrimination settlement in 2014.
Back in 2007, TJX Companies experienced a disastrous data breach which compromised a certain 45.7 million credit cards. Fifth Third Bank near you was the primary processor of the credit cards and this brought forth a huge scandal detrimental to its image.
Additionally, there was a settlement in 2014 between the United States Department of Justice and the bank which was alleged to have discriminated based on disability. The allegation was a violation of “Equal Credit Opportunity Act” against the bank’s engagement in discrimination on the basis of disability and receipt of public assistance. A clear violation of the Equal Credit Opportunity Act. This cost the bank a total of $1.5 million which is needed to disburse to the applicants eligible for mortgage loans.
They were additionally required to have a doctor's letter to document the amount in figured they were given from Social Security Disability Insurance.
The third and the most barbarous incident was a mass shooting which took place on 6th September 2018 at its head office at Cincinnati-Ohio. A man called Omar Santa Perez entered the bank at 9.10 AM on September 6th and opened fire with a Taurus PT-809E 9mm pistol brutally killing 3 people causing spot death of one of the three and two death if University of Cincinnati Medical Center, and severely injuring two. Later the perpetrator himself was also shot dead through a glass pane by the police.
The Bank owns naming rights to Fifth Third Arena of basketball of the University of Cincinnati among the Camping World Stadium in Orlando Florida for Orlando City for soccer club games.
The bank has a mobile application downloadable for the convenient provision of banking services.
The Fifth Third bank despite its controversies and the unfortunate shooting incidents has been providing world-class service as one of the oldest banks in the world operating since 17th June 1858 when it was known as the “Bank of Ohio Valley”.
The 2018 shooting at the premises of this bank resulting unfortunate death of three innocent customers was solemnly condemned and deeply sympathized by the people across the world.
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