CINCINNATI, Oct. 1 /PRNewswire-FirstCall/ -- Fifth Third Bank today announced that it has completed the consolidation of its Michigan and National bank charters and is now operating under a single Ohio Bank charter.
"This current regulatory environment is more complex than ever and more banking regulation is expected," said Paul Reynolds, executive vice president and chief administrative officer for Fifth Third Bancorp. "This charter consolidation is designed to simplify reporting, making it more efficient and cost-effective for the Bank. Operating under a single charter will also reduce the Bank's regulatory and capital burdens."
Reynolds added that the charter consolidation is a corporate governance matter and will be transparent to most customers. Over the past several years, Fifth Third Bank has reduced its total number of charters, going from 13 separate charters in 1991 - acquired through multiple acquisitions - to one single Ohio charter today.
Fifth Third Bancorp (Nasdaq: FITB) is a diversified financial services company headquartered in Cincinnati, Ohio. The Company has $116 billion in assets, operates 16 affiliates with 1,306 full-service Banking Centers, including 100 Bank Mart® locations open seven days a week inside select grocery stores and 2,371 ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Pennsylvania, Missouri, Georgia and North Carolina. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending, and Investment Advisors. Fifth Third also has a 49% interest in Fifth Third Processing Solutions, LLC. Fifth Third is among the largest money managers in the Midwest and, as of June 30, 2009, has $180 billion in assets under care, of which it manages $24 billion for individuals, corporations and not-for-profit organizations. Investor information and press releases can be viewed at www.53.com. Fifth Third's common stock is traded on the NASDAQ® National Global Select Market under the symbol "FITB."
