Contact: Stephanie Honan, APR - (513) 534-6957
Fifth Third Bank Extends $19.5 Billion in Credit to Business Customers
Cincinnati – Fifth Third Bank announced today that the Company has extended $19.5 billion in new and renewed credit to business customers to date in 2011.
"We understand the key role that businesses – both small and large – play in the continued economic recovery, especially as it relates to job growth," said John Bultema, executive vice president and head of Business Banking for Fifth Third Bank. "One critical way banks can help is by providing these businesses access to credit. Fifth Third has made a clear commitment to do just that."
In August, Fifth Third Bank announced that it had already extended $10 billion in credit to businesses in 2011 and had the capacity and dedicated resources to lend an additional $28 billion in new and renewed credit through July 2012. Since August, Fifth Third has extended an additional $9.5 billion, bringing the total amount of credit extended to qualified commercial and small business customers to $19.5 billion to date in 2011. Companies who have received loans from Fifth Third Bank include:
- Grandview Pharmacy has been owned by the Eldridge family since 1969. Starting out as a single neighborhood pharmacy, the Grandview Pharmacy now operates four locations in east central Indiana. In 2000 the company transitioned to include a wholesale channel to service prescription needs for assisted living facilities, and doubled its assisted living facility sales by 2008. A loan for capital expenditures and a line of credit from Fifth Third Bank has enabled Grandview Pharmacy to increase share and strategically grow this portion of the business.
- Cleveland-based Nu-Di Corporation is an original equipment manufacturer (OEM) supplier of service use diagnostic test equipment, producing products for the automotive, motorcycle, watercraft, heavy industrial, agricultural and off-road diagnostic industries. Experiencing tremendous growth in 2011, the company secured a line of credit from Fifth Third Bank to continue to grow revenues and facilitate new orders.
- Located in Paoli, Indiana, ElectriCom is an independently owned telecommunications and power construction company. In addition to traditional construction services, the company specializes in FTTx, premises wiring and design, right-of-way services, installation and maintenance of Next Generation telecommunications systems, and the capability to perform design/build projects to meet customer needs. Through Fifth Third Bank, ElictriCom increased a working capital line of credit that will allow the company to expand the business into growth markets such as Florida and hire additional employees.
- JGJ Management Co. of Chicago recently purchased nine restaurants from Pizza Hut Inc. with the help of financing from Fifth Third Bank. The company will maintain 250 Chicago-area jobs and plans to open two new Pizza Hut locations and hire up to 60 additional employees.
- Michigan Pipe and Valve is a wholesale distributor of underground piping, valves and other parts to contractors who install and support private and municipal water supply, storm and sewer systems throughout Michigan. With operations in Flint, Traverse City, Lansing, Jackson, and Saginaw, all with independent management and ownership, the company sought financing solutions to meet the distinct needs of three of the companies. Through the Michigan Economic Development Corporation's (MEDC) collateral support program, Fifth Third extended lines of credit to three of the businesses allowing the Flint, Lansing and Traverse City companies to continue to grow operations and retain jobs. Separately, Fifth Third Bank recently announced a 2012 loan commitment to the state of Michigan, including $2.5 billion to the MEDC's Pure Michigan Business Connect program.
"This is just a sampling of the type of loans we've made to help businesses expand, finance equipment and hire new talent," said Greg Kosch, executive vice president and head of Commercial Banking for Fifth Third Bank. "Fifth Third has a strong history of lending to qualified borrowers – even through the recent economic downturn – providing comprehensive and flexible solutions to meet the needs of our clients."
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. The Company has $115 billion in assets and operates 15 affiliates with 1,313 full-service Banking Centers, including 103 Bank Mart® locations open seven days a week inside select grocery stores and 2,435 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 September 30, 2011, had $273 billion in assets under care, of which it managed $23 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. Equal Housing Lender.