Cincinnati - Fifth Third Bank (Nasdaq: FITB) today announced it has entered into an agreement to acquire The Retirement Corporation of America, a registered investment adviser. The Cincinnati-based company provides retirement education and planning as well as investment management solutions geared toward the needs of retirees. The transaction is subject to regulatory approval and is expected to close in April.
According to a national survey conducted by Fifth Third last year, nearly half of Americans have serious concerns that they may outlive their money in retirement.
“Consistent with the feedback we have received from clients, we are committed to providing innovative solutions that help our clients prepare for retirement,” said Phil McHugh, executive vice president and head of Wealth and Asset Management at Fifth Third. “The Retirement Corporation of America’s mission to provide their clients with the opportunity to achieve financial independence during the ‘non-working’ years of their life is a natural complement to Fifth Third.”
Fifth Third has been a leader in delivering financial empowerment programming to individuals at all ages and stages of life through its own signature programming as well as key sponsorships in its markets. The acquisition of The Retirement Corporation of America builds upon that commitment by reinforcing the importance of planning for retirement through compelling education platforms, lifestyle focused events and investment programs designed to help maximize post-retirement income.
“We are thrilled to be joining forces with Fifth Third Bank to scale our platform and reach more individuals,” said Daniel Kiley, chief executive officer, The Retirement Corporation of America. “We are equally excited about the opportunity to offer additional solutions to our clients to help them reach their financial goals.”
The Retirement Corporation of America traces its roots back to 1984 when the original advisory firm was founded by Dan Kiley and his father, Tom Kiley. From the very beginning, their vision was focused on helping client families “retire right.”
About Fifth Third
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. As of December 31, 2016, the Company had $142 billion in assets and operates 1,191 full-service Banking Centers, and 2,495 ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia and North Carolina. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending and Wealth & Asset Management. Fifth Third also has a 17.9% interest in Vantiv Holding, LLC. Fifth Third is among the largest money managers in the Midwest and, as of December 31, 2016, had $315 billion in assets under care, of which it managed $31 billion for individuals, corporations and not-for-profit organizations through its Trust and Brokerage businesses. Investor information and press releases can be viewed at www.53.com. Fifth Third’s common stock is traded on the NASDAQ® Global Select Market under the symbol “FITB.”