Fifth Third Bancorp Extended $5.4 Billion in Credit in November
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 November.
"Although corporate profits are increasing, business investment growth continues to be slow which is reflected in decreased loan demand from commercial customers," said Kevin T. Kabat, chairman, president and CEO of Fifth Third Bancorp. "Even with that said, we made $5.4 billion in loans to qualified borrowers throughout our footprint in November."
Some highlights include:
- New Commercial & Industrial originations increased in November to $1.1 billion, compared to $830 million in October.
- Mortgage lending remained robust, driven by attractive interest rates. Total originations were $1.6 billion, driven by $1.1 billion of refinancing activity and $543 million of new home purchases.
- November credit card extensions decreased by $22 million to $103 million.
- Other consumer loan originations, including new car loans, increased slightly from October to $307 million for the 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, operates 16 affiliates with 1,306 full-service Banking Centers, including 101 Bank Mart® locations open seven days a week inside select grocery stores and 2,360 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.