Fifth Third Bancorp Extended $9.0 Billion in Credit in June
Highest Lending Month in 2009
Fifth Third Bancorp (NASDAQ: FITB), in conjunction with the U.S. Treasury, has announced that it extended $9.0 billion in loans in the month of June.
"We continue our commitment to making loans to qualified businesses and consumers throughout our footprint and the $9.0 billion in credit extended is a testament to that commitment," said Kevin T. Kabat, chairman, president and CEO of Fifth Third Bancorp. He added that even excluding the loads made to provide part of the initial capitalization of the Bank's FTPS, LLC joint venture with Advent International, Fifth Third extended credit totaling $7.8 billion in June – more than any other month this year.
Some highlights include:
- Excluding the loan to FTPS, LLC, new C&I commitments in June totaled $1.2 billion, up from $993 million in May, and C&I renewals in June increased by $625 million to $2.1 billion.
- Small business loans originated in June were $352 million, which was an increase of $118 million over May.
- Consumer loan originations, including new car and home equity loans, increased by $62 million in June to $371.
- Mortgage lending continued to see momentum with total originations of $2.9 billion, an increase of $361 million over May 2009.
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 $116 billion in assets, operates16 affiliates with 1,308 full-service Banking Centers, including 99 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 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 March 31, 2009, had $166 billion in assets under care, of which it managed $23 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.” Fifth Third Bank, Member FDIC.