Fifth Third Bancorp Extended $5.4 Billion in Credit in October
Fifth Third Bancorp (NASDAQ: FITB), in conjunction with the U.S. Treasury, has announced that it extended $5.4 billion in loans in the month of October.
"Even though the economic outlook has caused many companies to defer plans for capital expenditures and inventory build, Fifth Third Bank still made $5.4 billion in loans to qualified borrowers in October," said Kevin T. Kabat, chairman, president and CEO of Fifth Third Bancorp.
Some highlights include:
- Mortgage loan originations increased by more than $250 million for the month and totaled $1.7 billion, driven by over $1.1 billion of refinancing activity and more than $550 million of purchase activity.
- Commercial & Industrial loan commitments originated in October decreased slightly to $830 million, compared to $846 million in September.
- Renewal levels for existing C&I accounts were $1.8 billion in October, compared to $2.2 billion in September.
- Small Business commitments originated in October were $247 million.
- October new credit card extensions were $125 million, a slight increase over last month.
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 $111 billion in assets, operates16 affiliates with 1,309 full-service Banking Centers, including 103 Bank Mart® locations open seven days a week inside select grocery stores and 2,357 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 September 30, 2009, had $184 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." Fifth Third Bank, Member FDIC.