CINCINNATI–(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.
Contacts
Chris Doll (Investors)
513-534-2345
Gary Rhodes (Media)
513-534-4225
