Fifth Third Bank

News Release


Fifth Third Bancorp Announces Results of Annual Meeting


Fifth Third Bancorp (Nasdaq: FITB) has announced that its shareholders have re-elected the following directors at the Bancorp's Annual Meeting held earlier today at the Duke Energy Center in Cincinnati:

  • Darryl Allen, retired chairman, CEO and president of Aeroquip-Vickers, Inc.
  • John F. Barrett, president, CEO and chairman of the board of Western & Southern Life Insurance Company.
  • Ulysses L. Bridgeman, Jr., owner and president of Manna, Inc., and ERJ, Inc.
  • James P. Hackett, president, CEO and director of Steelcase, Inc.
  • Gary R. Heminger, executive vice president of Marathon Oil Company and president of Marathon Petroleum Company LLC.
  • Kevin T. Kabat, president, chairman and CEO of Fifth Third Bancorp.
  • Dr. Mitchell D. Livingston, vice president for Student Affairs and Chief Diversity Officer, University of Cincinnati.
  • Hendrik G. Meijer, co-chairman and CEO, Meijer, Inc.
  • John J. Schiff, Jr., chairman and director, Cincinnati Financial Corporation.
  • Dudley S. Taft, president and director of Taft Broadcasting Company.
  • Thomas W. Traylor, CEO and chairman, Traylor Bros., Inc.
  • Marsha C. Williams, senior vice president and Chief Financial Officer, Orbitz Worldwide, Inc.
Fifth Third shareholders also approved the following:
  • A proposal to adopt the Amended and Restated Fifth Third Bancorp 1993 Stock Purchase Plan, including the issuance of up to 12 million shares of common stock thereunder.
  • A proposal to approve the appointment of Deloitte and Touche LLP as independent auditors for the 2009 calendar year.
  • A proposal for an advisory vote to approve compensation of the Company's named executive officers.

In addition, a shareholder proposal for majority voting in the election of directors passed. The Bancorp has a policy regarding majority voting for directors, but today's action requests that the Board initiate the process to formalize this position through an amendment of the Articles of Incorporation.

A proposal to amend the Fifth Third Bancorp Articles of Incorporation to provide the Company with greater flexibility in the terms of the authorized, unissued shares of preferred stock of the Company that may be issued in the future failed to receive a sufficient majority to achieve the necessary two-thirds vote of common shares outstanding. The proposal was approved by both preferred classes of shareholders. The proposal required the approval of all classes of shares. Two other shareholder proposals described in the proxy statement also failed.

Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. The Company has $120 billion in assets, operates 16 affiliates with 1,305 full-service Banking Centers, including 95 Bank Mart(R) locations open seven days a week inside select grocery stores and 2,355 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 December 31, 2008, has $179 billion in assets under care, of which it managed $25 billion for individuals, corporations and not-for-profit organizations. Investor information and press releases can be viewed at Fifth Third's common stock is traded on the NASDAQ(R) National Global Select Market under the symbol "FITB."