What Is Fifth Third Bank?

By Nadya JosifovLast Updated August 31, 2020
Photo Courtesy: @FifthThird/Twitter

Like many other banks headquartered in the U.S., Fifth Third Bank in Cincinnati, Ohio, has a long, rich, interesting history. The unusual name actually came about in 1908 after a merger between Third National Bank and Fifth National Bank, two banks headquartered in Cincinnati at the time. The bank went through several name changes, including Third Fifth Bank for a short time, before it eventually settled on Fifth Third Bank.

So, what makes the number-centric bank so worthy of attention? If you’re not familiar with Fifth Third Bank and how it operates, here’s a brief inside look at what it has to offer.

Building on a Long, Proud History

Fifth Third Bank first began as The Bank of the Ohio Valley on June 17, 1858. Several years later, Third National Bank was also founded in Ohio. In 1871, Third National Bank acquired The Bank of the Ohio Valley, and the merged company grew to become the largest bank in the state within a decade. Third National Bank merged with the equally prosperous Fifth National Bank in 1908, ultimately forming Fifth Third Bank — after a lot of name changes.

Photo Courtesy: Carol M. Highsmith/Buyenlarge/Archive Photos/Getty Images

Today, it’s a subsidiary and the largest holding of Fifth Third Bancorp. The bank is publicly traded on NASDAQ with ticker symbol FITB. Over the years, it has acquired many other banks and branches, including Cumberland Federal Bancorp, Kentucky Enterprise Bancorp, W. Lyman Case & Company and select PNC Bank branches.

Branching Out on a National Scope

Although Fifth Third Bank is headquartered in Cincinnati, it’s a bank that operates on a national scale, with offices throughout the United States. Consumer walk-in branches are primarily located throughout Ohio and the Midwest, but the bank has a few locations in some Southern states as well, including Florida, Georgia, Kentucky, North Carolina, Tennessee and West Virginia. Additionally, Fifth Third Bank partners with 7-Eleven convenience stores and other businesses to provide ATMs nationwide, which means the bank has a presence nearly anywhere Americans travel.

Photo Courtesy: Oscar Wong/Moment/Getty Images

As a fully accredited FDIC housing lender and functional bank, Fifth Third Bank offers all the typical banking bells and whistles inside its branches, including checking and savings accounts, credit cards, personal lines of credit, mortgages and consumer loans. From the bank’s website, you can do everything from sign up for a checking account to access financial tools to help you plan for your child’s college education. Some of the services offered require you to visit a physical location, but the Fortune 500 company has plenty of options for fully online customers.

Offering a Full Collection of Financial Perks

Beyond offering checking accounts, savings accounts and credit cards, Fifth Third Bank goes above and beyond to provide identity theft protection to customers, including mobile and online banking customers. You can easily purchase different types of insurance — life, long-term care, disability and more — through the bank and set up easy automatic drafts to make your payments each month.

Photo Courtesy: guvendemir/E+/Getty Images

If you’re a college student, the bank offers student loans along with a unique service called Fifth Third Momentum to help students get rid of student loan debt more quickly. Other types of loans include home equity lines of credit (HELOC), auto loans, personal loans and mortgages along with down payment assistance for those who need a little extra help with that part of purchasing a house.

Whether you want to open investment accounts for retirement, vacations or purely to make some money, Fifth Third Bank has you covered with annuities, mutual funds, ETFs, automated investing, and stocks and bonds. If you’re not sure how you want to invest and need some expert financial planning advice, the on-staff team of financial counselors can help you formulate a plan for anything from buying a first home to paying for your child’s graduate school to securing a cushy retirement.

Besides helping with personal portfolios, Fifth Third Bank also offers business and commercial wealth management services to assist clients in growing their for-profit portfolios. However, not all services — personal or business — are offered at every branch.