Fifth Third Bancorp Extended $5.1 Billion in Credit in August
Fifth Third Bancorp (NASDAQ: FITB), in conjunction with the U.S. Treasury, has announced that it extended $5.1 billion in loans in the month of August.
"During the month of August we extended more than $5 billion in credit to qualified borrowers," said Kevin T. Kabat, chairman, president and CEO of Fifth Third Bancorp. "While commercial customers remain cautious and reluctant to take on more leverage, we saw continued strength in consumer loan originations."
Some highlights include:
- Uncertainty regarding the timing of a broad-based economic recovery has led to conservative behavior in our commercial customer base. In general commercial customers continue to deleverage and increase liquidity through asset sales and inventory reduction initiatives instead of expanding operations and purchasing equipment.
- New credit card extensions were $107 million in August, a slight increase over our $102 million of extensions in July.
- Other consumer loan originations, which include new car loans, were $499 million in August, an increase of approximately $140 million from July. Strong auto loan demand, due to the government’s "Cash for Clunkers" program, helped boost loan production significantly in August.
- Total mortgage loan originations for the month were $1.5 billion, driven by approximately $1.0 billion of refinancing and over $550 million of new home purchases.
Visit our Web site for more information about Fifth Third's lending activities and mortgage assistance programs.
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. The Company has $116 billion in assets, operates16 affiliates with 1,306 full-service Banking Centers, including 100 Bank Mart® locations open seven days a week inside select grocery stores and 2,363 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 June 30, 2009, had $180 billion in assets under care, of which it managed $24 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.