Fifth Third Bancorp Extended $8.2 Billion in Credit in December; Bank Made More than $75 Billion in Loans in 2009
Fifth Third Bancorp (NASDAQ: FITB), in conjunction with the U.S. Treasury, has announced that it extended $8.2 billion in loans in the month of December.
"I am proud to say that Fifth Third Bank closed out the year by making $8.2 billion in loans to qualified borrowers in the month of December,” said Kevin T. Kabat, chairman, president and CEO of Fifth Third Bancorp. “That’s the second highest monthly loan total for all of 2009 and a solid accomplishment given that economic conditions remain challenging and many businesses and consumer are still taking a conservative approach to borrowing."
Some highlights include:
- New Commercial & Industrial commitments increased to $1.9 billion in December compared with $1.1 billion in November.
- C&I renewals for existing accounts for December totaled $2.4 billion compared to $1.5 billion in November.
- Small Business commitments increased to $408 million for the month, up from November’s total of $275 million.
- Total mortgage loan originations increased $183 million to $1.8 billion for December, driven by $1.4 billion of refinancing and nearly $450 million of new home purchases.
- New credit card extensions increased to $121 million for the month, and other consumer loan originations, including new car loans, increased $45 million from November.
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 $113 billion in assets, operates 16 affiliates with 1,309 full-service Banking Centers, including 103 Bank Mart® locations open seven days a week inside select grocery stores and 2,361 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.