Fifth Third Bank Commits to $28 Billion in Business Lending
Commitment includes loans to commercial and small business customers
Cincinnati – Fifth Third Bank announced today that the Company has the capacity to extend $28 billion in new and renewed credit to qualified commercial and small business customers through July 2012. The Bank has continued to lend to borrowers throughout the economic downturn, and so far this year has extended $10 billion in credit to businesses across the country.
"We understand the key role that businesses play in the continued economic recovery, specifically as it relates to job growth" said John Bultema, executive vice president and head of Business Banking for Fifth Third Bank. "We want to do our part in fueling the recovery process and helping businesses expand and generate jobs."
Bultema adds, "Fifth Third Bank is not waiting for the economy to improve, we are inserting ourselves as part of the solution, and one critical way we can help is by providing access to credit."
"We have the strong capital position and dedicated resources capable of making this significant lending impact," said Greg Kosch, executive vice president and head of Commercial Banking for Fifth Third Bank. "While uncertainty remains and borrowers continue to proceed with caution, we think it’s important that our clients understand our willingness to help them get back to business. We are committed to taking the uncertainty out of the credit process so that companies may continue to finance equipment, expand their footprint, attract new talent and more."
Fifth Third Bancorp (NASDAQ: FITB) is a diversified financial services company headquartered in Cincinnati, Ohio. The Company has $111 billion in assets and operates 15 affiliates with 1,314 full-service Banking Centers, including 103 Bank Mart® locations open seven days a week inside select grocery stores and 2,432 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 Vantiv, LLC, formerly Fifth Third Processing Solutions, LLC. Fifth Third is among the largest money managers in the Midwest and, as of June 30, 2011, had $276 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® Global Select Market under the symbol "FITB." Equal Housing Lender. Member FDIC.