Latest news with #TimSpence
Business Wire
02-05-2025
- Business
- Business Wire
Fifth Third Employees Fight Food Insecurity and Support Communities on Annual 'Fifth Third Day'
CINCINNATI--(BUSINESS WIRE)--Fifth Third Bank's (NASDAQ: FITB) nearly 19,000 employees will celebrate the annual 'Fifth Third Day' by volunteering and donating to fight food insecurity within their local communities across the Bank's 11-state footprint. 'On Fifth Third Day, we have the opportunity – and the great privilege – to step up and support our communities by donating our time and money so fewer Americans go hungry.' -Tim Spence, chairman, CEO and president of Fifth Third Share On May 2, celebrated as 'Fifth Third Day,' employees will unite to pack millions of meals, collect and donate food items, and support local hunger relief organizations. Fifth Third Day kicks off a month of volunteering activities across the Bank's 11-state footprint, with the theme of 'Tackling Food Insecurity One Community at a Time.' 'Food security continues to be a pressing issue affecting millions of Americans, and the price of food and basic necessities continues to increase,' said Tim Spence, chairman, CEO and president of Fifth Third. 'On Fifth Third Day, we have the opportunity – and the great privilege – to step up and support our communities by donating our time and money so fewer Americans go hungry.' Since 1991, Fifth Third has celebrated its employees, customers and communities on its signature day, May 3. Because the date falls on a weekend this year, service activities begin on May 2 and will continue throughout May in support of local hunger relief organizations. 'At Fifth Third, we prioritize taking care of our communities. That's why tackling food insecurity is so important to us – by fulfilling one of the basic needs that some families may have, we can help alleviate the stress of being concerned about where the next meal is going to come from,' said Kala Gibson, chief corporate responsibility officer for Fifth Third. Empowering local communities Fifth Third's Financial Empowerment Mobile, commonly known as the eBus, was reimagined and launched on Fifth Third Day in 2024, and is celebrating one year of providing increased access and impact by combining social and financial education services to community members in need. In partnership with SpringFour, the eBus connects community members to vital human and social services organizations to address needs related to food savings, rental resources, childcare, employment services, small business support and more. Through its digital self-service financial wellness solution, SpringFour delivers access to more than 24,000 nonprofit and government agencies across the U.S. providing support in 14 categories. In 2024, the eBus traveled 15,000 miles and made 76 stops to deliver financial access, education and social services to nearly 8,000 people across seven states – from hurricane-ravaged rural communities in the Carolinas, to community centers in Chicago and Detroit. For 2025, the eBus has embarked upon a nine-state tour that runs through November, with stops scheduled in Kentucky, Tennessee, Georgia, Indiana, Ohio, Michigan, Illinois, North Carolina, South Carolina, and Florida. The Midwest leg of the tour begins on Friday, May 2, with stops scheduled across Indiana, Ohio and Michigan in the coming months. Supporting the next generation Additionally, Fifth Third will surprise the families of babies born on Fifth Third Day in select local hospitals in Detroit and southwest Florida with a gift of $1,053 to open a 529 college savings account. Since 2017, Fifth Third Babies has delivered nearly $650,000 in 529 plan funding to the families of 615 babies born on Fifth Third Day across 9 states, in partnership with the Gift of College. The Bank will also present the new parents with care packages that include gift cards and gifts for the baby such as a onesie, bib, blanket and book. From May 3 through 29, the general public also has the opportunity to participate in a social media sweepstakes to win one of 53 $1,053 Gift of College cards to be redeemed through state 529 college savings plans and a Fifth Third Babies bag. Winners will be selected on 529 Day, or May 29 on the calendar. More information and full sweepstakes rules are available online at 1 For more information about how Fifth Third is helping its communities, please visit here. 1 NO PURCHASE NECESSARY. Sweepstakes open to legal residents of the U.S., excluding New York. At least 18 years old to enter. Odds of winning depend upon the number of eligible entries received. Void where prohibited. Sweepstakes begins May 3, 2025, at 12:00 AM EST and ends May 29, 2025, at 8:00 AM EST. For complete sweepstakes rules visit Sweepstakes is in no way sponsored, endorsed, administered by, or associated with, Meta Platforms, Inc. About Fifth Third Fifth Third is a bank that's as long on innovation as it is on history. Since 1858, we've been helping individuals, families, businesses and communities grow through smart financial services that improve lives. Our list of firsts is extensive, and it's one that continues to expand as we explore the intersection of tech-driven innovation, dedicated people and focused community impact. Fifth Third is one of the few U.S.-based banks to have been named among Ethisphere's World's Most Ethical Companies ® for several years. With a commitment to taking care of our customers, employees, communities and shareholders, our goal is not only to be the nation's highest performing regional bank, but to be the bank people most value and trust. Fifth Third Bank, National Association is a federally chartered institution. Fifth Third Bancorp is the indirect parent company of Fifth Third Bank and its common stock is traded on the NASDAQ ® Global Select Market under the symbol "FITB." Investor information and press releases can be viewed at Deposit and credit products provided by Fifth Third Bank, National Association. Member FDIC.
Reuters
17-04-2025
- Business
- Reuters
Fifth Third Bancorp reaffirms annual interest income forecast despite uncertainty
April 17 (Reuters) - Fifth Third Bancorp (FITB.O), opens new tab reaffirmed the forecast for its annual net interest income growth on Thursday, as the lender banked on its ability to manage risks from the economic fallout of U.S. and China's escalating tariff war. Regional banks like Fifth Third rely primarily on lending to small businesses and consumers, which are especially susceptible to any economic downturn. They also lack the scale and sizeable trading operations that typically shield larger peers during times of volatility. But Fifth Third still expected its net interest income (NII) — the difference between what banks pay customers on deposits and earn as interest on loans — to grow between 5% and 6% this year. "We remain proactive in managing our credit risk and stress testing our portfolio under many scenarios," CEO Tim Spence said. The bank's NII rose 4% to $1.44 billion for the quarter ended March, driven by loan growth and lower deposit costs, in addition to fixed-rate asset repricing. Average loans rose 3% in the quarter from a year earlier, driven by growth in commercial and consumer lending. Fifth Third's net income available to common shareholders was $478 million, or 71 cents per share, in the quarter. It had earned $480 million, or 70 cents per share, a year earlier. The Cincinnati, Ohio-based bank set aside $174 million as provision for credit losses, higher than $94 million a year earlier, amid mounting recession fears. Shares of Fifth Third have fallen 19% in 2025, as of last close, lagging the 15% drop in the KBW Regional Banking Index (.KRX), opens new tab.
Yahoo
17-04-2025
- Business
- Yahoo
Fifth Third Bancorp reaffirms annual interest income forecast despite uncertainty
(Reuters) - Fifth Third Bancorp reaffirmed the forecast for its annual net interest income growth on Thursday, as the lender banked on its ability to manage risks from the economic fallout of U.S. and China's escalating tariff war. Regional banks like Fifth Third rely primarily on lending to small businesses and consumers, which are especially susceptible to any economic downturn. They also lack the scale and sizeable trading operations that typically shield larger peers during times of volatility. But Fifth Third still expected its net interest income (NII) — the difference between what banks pay customers on deposits and earn as interest on loans — to grow between 5% and 6% this year. "We remain proactive in managing our credit risk and stress testing our portfolio under many scenarios," CEO Tim Spence said. The bank's NII rose 4% to $1.44 billion for the quarter ended March, driven by loan growth and lower deposit costs, in addition to fixed-rate asset repricing. Average loans rose 3% in the quarter from a year earlier, driven by growth in commercial and consumer lending. Fifth Third's net income available to common shareholders was $478 million, or 71 cents per share, in the quarter. It had earned $480 million, or 70 cents per share, a year earlier. The Cincinnati, Ohio-based bank set aside $174 million as provision for credit losses, higher than $94 million a year earlier, amid mounting recession fears. Shares of Fifth Third have fallen 19% in 2025, as of last close, lagging the 15% drop in the KBW Regional Banking Index. Sign in to access your portfolio
Associated Press
18-02-2025
- Business
- Associated Press
Fifth Third Again Named Among America's Most JUST Companies by JUST Capital and CNBC
CINCINNATI, February 18, 2025 /3BL/ - For the third year in row, Fifth Third (NASDAQ: FITB) has been named among America's top-performing companies on the issues most important to consumers as measured by JUST Capital and CNBC. Fifth Third ranked 5th among the banks evaluated, and 33rd overall among 940 companies evaluated. 'We are honored to be acknowledged by JUST Capital for our leadership in several areas that are critical to our stakeholders,' said Tim Spence, chairman, CEO, and president of Fifth Third. 'We're a relationship bank, and since our founding 166 years ago, we have operated our business to meet the needs of our shareholders, customers, communities, and employees.' For the annual 'America's Most Just Companies' rankings, JUST Capital collects and analyzes corporate data to evaluate the 1,000 largest public U.S. companies across 20 issues identified through comprehensive, ongoing public opinion research on Americans' attitudes toward responsible corporate behavior. The JUST Capital 2025 Rankings of America's Most JUST Companies and JUST 100 list celebrates top-performing Russell 1000 companies that are demonstrating leadership in responding to the needs of the American people. Compared to their Russell 1000 peers, companies in the JUST 100 on average: Fifth Third's corporate governance and responsibility are consistently recognized as among the best in the nation. Recent accolades include: World's Most Admired Companies 2025 by Fortune, and World's Most Ethical Companies® 2024 by Ethisphere. About Fifth Third Fifth Third is a bank that's as long on innovation as it is on history. Since 1858, we've been helping individuals, families, businesses and communities grow through smart financial services that improve lives. Our list of firsts is extensive, and it's one that continues to expand as we explore the intersection of tech-driven innovation, dedicated people and focused community impact. Fifth Third is one of the few U.S.-based banks to have been named among Ethisphere's World's Most Ethical Companies® for several years. With a commitment to taking care of our customers, employees, communities and shareholders, our goal is not only to be the nation's highest performing regional bank, but to be the bank people most value and trust. Fifth Third Bank, National Association is a federally chartered institution. Fifth Third Bancorp is the indirect parent company of Fifth Third Bank and its common stock is traded on the NASDAQ® Global Select Market under the symbol 'FITB.' Investor information and press releases can be viewed at Deposit and credit products provided by Fifth Third Bank, National Association. Member FDIC.
Associated Press
14-02-2025
- Business
- Associated Press
Fifth Third Again Named Among ‘World's Most Admired Companies™' by Fortune Magazine
CINCINNATI, February 14, 2025 /3BL/ - For the second consecutive year, Fifth Third has been named among the World's Most Admired Companies ™ by Fortune Magazine. 'It is a privilege to once again be named to Fortune's list of Most Admired Companies,' said Tim Spence, chairman, CEO, and president of Fifth Third. 'This recognition highlights how we deliver strong, consistent results for shareholders; reinvest in our communities; and create a culture where employees thrive.' The magazine's annual ranking of corporate reputation spotlights the best-regarded companies across more than 50 industries domestically and globally. From a list of the 1,500 largest U.S. and global companies by revenue, the rankings are based upon a poll of more than 3,700 executives, directors and analysts administered by global management consulting firm Korn Ferry. Poll respondents rate companies in their own industries based upon nine criteria of corporate performance and reputation such as investment value, quality of management, social responsibility, and ability to attract talent. Fifth Third is consistently recognized as a leader among banks. In 2024, Fifth Third was named 'U.S. Best Super-Regional Bank' by Euromoney, and recognized as No 1. For Retail Banking Customer Satisfaction in Florida by JD Power. Fifth Third was also included on the following lists: Forbes' 'Best Customer Service,' Global Private Banker 'Best Private Bank for High Net Worth Clients,' and Energage 'Top Workplaces USA,' just to name a few. About Fifth ThirdFifth Third is a bank that's as long on innovation as it is on history. Since 1858, we've been helping individuals, families, businesses and communities grow through smart financial services that improve lives. Our list of firsts is extensive, and it's one that continues to expand as we explore the intersection of tech-driven innovation, dedicated people and focused community impact. Fifth Third is one of the few U.S.-based banks to have been named among Ethisphere's World's Most Ethical Companies® for several years. With a commitment to taking care of our customers, employees, communities and shareholders, our goal is not only to be the nation's highest performing regional bank, but to be the bank people most value and trust. Fifth Third Bank, National Association is a federally chartered institution. Fifth Third Bancorp is the indirect parent company of Fifth Third Bank and its common stock is traded on the NASDAQ® Global Select Market under the symbol 'FITB.' Investor information and press releases can be viewed at Deposit and credit products provided by Fifth Third Bank, National Association. Member FDIC. From Fortune, ©2025 Fortune Media IP Limited. All rights reserved. Used under license. Fortune is a registered trademark and Fortune World's Most Admired Companies™ is a trademark of Fortune Media IP Limited and are used under license. Fortune and Fortune Media IP Limited are not affiliated with, and do not endorse the products or services of Fifth Third Bank.
