Fifth Third Bancorp Extended $6.2 Billion in Credit in April
Fifth Third Bancorp (NASDAQ: FITB), in conjunction with the U.S. Treasury, has announced that it extended $6.2 billion in loans in the month of April.
“Over the past several months there has been a lot of focus on increasing the Bank’s already strong capital levels,” said Kevin T. Kabat, chairman, president and CEO of Fifth Third Bancorp. “Having a strong capital position is important as it allows us to make loans to qualified borrowers, something that we continued to do in April.”
Here are some details of Fifth Third’s lending activity for the month:
- April continued to be an exceptional month for mortgage lending, driven by attractive interest rates. Total originations exceeded $2.2 billion, an increase of approximately $260 million compared to strong March levels. This was composed of $1.9 billion of refinancing activity and nearly $400 million of new home purchases.
- Overall consumer loan demand for non-mortgage consumer credit was down slightly compared to March, although April credit card originations totaled $211 million, an increase of $55 million over last month.
In the first four months of this year, Fifth Third Bank has extended $24 billion in credit to qualified borrowers. For more information about Fifth Third’s lending activities and mortgage assistance programs visit our Web site.
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. The Company has $119 billion in assets, operates 16 affiliates with 1,317 full-service Banking Centers, including 98 Bank Mart® 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 www.53.com. Fifth Third’s common stock is traded on the NASDAQ® National Global Select Market under the symbol “FITB.”