DTE Energy Signs With Fifth Third Bank's Highly Accurate Product
CINCINNATI, Nov. 21 /PRNewswire-FirstCall/ -- Fifth Third Bank
(Nasdaq: FITB) recently signed DTE Energy, a Detroit-based diversified energy
company, to bring the Bank's retail lockbox product to DTE Energy customers.
Once implemented, the retail lockbox will oversee more than 1.4 million DTE
Energy customer payments a month.
"We believe that choosing Fifth Third Bank was the most effective and
efficient way to process our customer payments," said David Murphy, DTE Energy
assistant treasurer. "We expect that Fifth Third Bank's processing accuracy
and timely application of our customer payments will support our company's
customer service goals."
The Bank's imaging platform, unique zip codes for expedited mail handling
and multiple daily mail pickups provide a flexible, low-cost efficient method
for payment processing. Accuracy is one of the keys to the success of the
product, as the two Fifth Third Bank retail lockbox facilities maintain an
exceptional accuracy rate for processing transactions.
"DTE Energy's service to the people in the Detroit area is highly
regarded," said Michael Blackburn, vice president and commercial relationship
manager with Fifth Third Bank. "The Bank's retail lockbox product will support
DTE's customer service goals."
With the addition of DTE Energy, Fifth Third Bank services 190 lockboxes
overseeing more than 7.7 million transactions a month. The initial phase of
the DTE Energy lockbox began in mid-October, with full implementation by the
end of 2008.
About DTE Energy
DTE Energy is a Detroit-based diversified energy company involved in the
development and management of energy-related businesses and services
nationwide. Its largest operating units are Detroit Edison, an electric
utility serving 2.2 million customers in Southeastern Michigan, and MichCon, a
natural gas utility serving 1.3 million customers in Michigan. The DTE Energy
portfolio of businesses also includes non-utility energy businesses focused on
power and industrial projects, coal and gas midstream, unconventional gas
production and energy trading. In 2006, DTE Energy posted revenues of
approximately $9 billion. Information about DTE Energy is available at
www.dteenergy.com .
About Fifth Third Bank
Fifth Third Bancorp is a diversified financial services company
headquartered in Cincinnati, Ohio. The Company has $116 billion in assets,
operates 18 affiliates with 1,298 full-service Banking Centers, including 93
Bank Mart(R) locations open seven days a week inside select grocery stores and
2,329 ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee,
West Virginia, Pennsylvania, Missouri, Georgia and North Carolina. Fifth Third
operates five main businesses: Commercial Banking, Branch Banking, Consumer
Lending, Investment Advisors and Fifth Third Processing Solutions. Fifth Third
is among the largest money managers in the Midwest and, as of September 30,
2008, has $196 billion in assets under care, of which it managed $30 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(R) National Global Select Market under
the symbol "FITB."
