Fifth Third Names Steven Alonso to Indiana Regional President;
Chad Borton to Head of Consumer Bank
Cincinnati – Fifth Third Bancorp (NASDAQ: FITB) today announced that Steven Alonso, most recently executive vice president and head of the Consumer Bank, will take on a new role as regional president of a newly created Fifth Third Bank (Indiana) affiliate.
Alonso will lead Fifth Third's operations within the state of Indiana under the new Fifth Third Bank (Indiana) affiliate, encompassing the Bank's Southern and Central Indiana affiliates. He will continue to report to Greg Carmichael, president and chief operating officer for Fifth Third Bancorp.
"Steve's experience as head of our Consumer Bank will be invaluable as he works more directly with the customers and communities we serve throughout Indiana," said Carmichael. "As we constantly look at ways to better run our business, this new structure allows us to recognize the regional power of our Indiana affiliates, with Steve at the lead, by leveraging the talent and opportunities within the Indianapolis and Evansville markets."
Alonso joined Fifth Third Bank in November 2008, and prior to his role as head of the Consumer Bank, he served as executive vice president and head of Mortgage and Consumer Lending. He also has been responsible for Business Banking for the Bancorp.
Chad Borton, former senior vice president and Head of the Retail Bank will now become executive vice president and Head of the Consumer Bank, succeeding Alonso and reporting to Carmichael. Prior to joining Fifth Third in July 2012, Borton held several senior management positions at JP Morgan Chase, including Consumer Bank chief financial officer and head of the Retail Distribution Network.
"Since joining Fifth Third, Chad has successfully led the Retail Bank to achieve significant growth and enhancements to technology as well as lay the foundation for continued success through our consultative sales process," said Carmichael.
Replacing Borton as Head of the Retail Bank is Mike Butera, former senior vice president and Retail Executive for Fifth Third's Cincinnati affiliate. Butera joined the Bank in 2003 as the Retail CFO and also served as managing director of Distribution Strategy and managing director in the Strategic Planning group.
"Mike's experience in a variety of functions for Fifth Third will help us continue the momentum in growth and innovation we've seen in the Retail business for the past many years," added Carmichael. "We have significant bench strength here at Fifth Third and among our leadership team, which gives us confidence to make changes to our business like this with leaders and resources that we know will serve our customers and the Bank well."
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. The Company has $130 billion in assets and operates 17 affiliates with 1,320 full-service Banking Centers, including 104 Bank Mart® locations, most open seven days a week, inside select grocery stores and 2,586 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 25% interest in Vantiv Holding, LLC. Fifth Third is among the largest money managers in the Midwest and, as of December 31, 2013, had $302 billion in assets under care, of which it managed $27 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." Fifth Third Bank was established in 1858. Member FDIC. The curious bank is a registered service mark of Fifth Third Bancorp."