Succeeds Greg D. Carmichael, who becomes CEO
Nov. 1
Fifth Third Bancorp (Nasdaq: FITB) announced today that Lars C.
Anderson will become its executive vice president and chief
operating officer and will be joining the Company on Aug. 3, 2015.
Anderson will succeed Greg D. Carmichael, Fifth Third’s president
and COO, who has been named CEO effective Nov. 1. Anderson will
report to Carmichael.
Anderson joins Fifth Third from Comerica, where he was vice
chairman, Business Bank, a member of the Management Executive
Committee, and chair of that bank’s executive credit committee.
“Lars represents an outstanding addition to Fifth Third Bank,”
Carmichael said. “His extensive industry experience and deep
expertise in commercial banking make him an ideal complement to our
executive team. As our next chief operating officer, I look to him
to as an important partner in building the future of our
franchise.”
Anderson’s background includes more than 30 years of banking
industry experience. At Comerica, where he served since 2010,
Anderson led more than 20 lines of business to support the growth
of commercial clients, including Middle Market Banking and U.S.
Banking, as well as specialized businesses with expertise in
vertical industries including Energy, Technology and Life Sciences,
Entertainment, Municipalities, Commercial Real Estate, Dealer
Services, and others. He also led teams that offered solutions
across all of Comerica’s customer base, including Corporate
Finance, Treasury Management Services and Leasing. Finally,
throughout his career, he has worked closely with Wealth Management
leadership to ensure success in delivering customized personal
solutions.
Prior to joining Comerica, over a 25-year career at BB&T
Corporation, Anderson served as group banking executive and in a
number of other leadership positions of increasing scope and
responsibility. He earned a bachelor’s degree from Suffolk
University in Boston and completed advanced management programs at
both the University of North Carolina and University of Chicago.
His community activities have included involvement with the
University of Georgia, Southern Methodist University, and the
United Way.
Said Anderson, “I am excited to be joining Fifth Third. The Bank
has a strong financial foundation and excellent growth prospects. I
look forward to being part of a bright future.”
In his role as chief operating officer, Anderson’s
responsibilities will include leading the Commercial and Investment
Advisor lines of business and enterprise-wide Marketing and
Customer Experience. He will also have oversight of all 15 of Fifth
Third’s affiliates.
Fifth Third Bancorp (Nasdaq: FITB) is a diversified financial
services company headquartered in Cincinnati, Ohio. As of March 31,
2015, the Company had $140 billion in assets and operated 15
affiliates with 1,303 full-service Banking Centers, including 101
Bank Mart® locations, most open seven days a week, inside select
grocery stores and 2,637 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 22.8%
interest in Vantiv Holding, LLC. Fifth Third is among the largest
money managers in the Midwest and, as of March 31, 2015, had $308
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."
FORWARD-LOOKING STATEMENTS
This release contains statements that we believe are
“forward-looking statements” within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Rule 175 promulgated
thereunder, and Section 21E of the Securities Exchange Act of 1934,
as amended, and Rule 3b-6 promulgated thereunder. These statements
relate to our financial condition, results of operations, plans,
objectives, future performance or business. They usually can be
identified by the use of forward-looking language such as “will
likely result,” “may,” “are expected to,” “anticipates,”
“potential,” “estimate,” “forecast,” “projected,” “intends to,” or
may include other similar words or phrases such as “believes,”
“plans,” “trend,” “objective,” “continue,” “remain,” or similar
expressions, or future or conditional verbs such as “will,”
“would,” “should,” “could,” “might,” “can,” or similar verbs. You
should not place undue reliance on these statements, as they are
subject to risks and uncertainties, including but not limited to
the risk factors set forth in our most recent Annual Report on Form
10-K as updated from time to time by our Quarterly Reports on Form
10-Q. When considering these forward-looking statements, you should
keep in mind these risks and uncertainties, as well as any
cautionary statements we may make. Moreover, you should treat these
statements as speaking only as of the date they are made and based
only on information then actually known to us.
There are a number of important factors that could cause future
results to differ materially from historical performance and these
forward-looking statements. Factors that might cause such a
difference include, but are not limited to: (1) general economic
conditions and weakening in the economy, specifically the real
estate market, either nationally or in the states in which Fifth
Third, one or more acquired entities and/or the combined company do
business, are less favorable than expected; (2) deteriorating
credit quality; (3) political developments, wars or other
hostilities may disrupt or increase volatility in securities
markets or other economic conditions; (4) changes in the interest
rate environment reduce interest margins; (5) prepayment speeds,
loan origination and sale volumes, charge-offs and loan loss
provisions; (6) Fifth Third’s ability to maintain required capital
levels and adequate sources of funding and liquidity; (7)
maintaining capital requirements and adequate sources of funding
and liquidity may limit Fifth Third’s operations and potential
growth; (8) changes and trends in capital markets; (9) problems
encountered by larger or similar financial institutions may
adversely affect the banking industry and/or Fifth Third; (10)
competitive pressures among depository institutions increase
significantly; (11) effects of critical accounting policies and
judgments; (12) changes in accounting policies or procedures as may
be required by the Financial Accounting Standards Board (FASB) or
other regulatory agencies; (13) legislative or regulatory changes
or actions, or significant litigation, adversely affect Fifth
Third, one or more acquired entities and/or the combined company or
the businesses in which Fifth Third, one or more acquired entities
and/or the combined company are engaged, including the Dodd-Frank
Wall Street Reform and Consumer Protection Act; (14) ability to
maintain favorable ratings from rating agencies; (15) fluctuation
of Fifth Third’s stock price; (16) ability to attract and retain
key personnel; (17) ability to receive dividends from its
subsidiaries; (18) potentially dilutive effect of future
acquisitions on current shareholders’ ownership of Fifth Third;
(19) effects of accounting or financial results of one or more
acquired entities; (20) difficulties from Fifth Third’s investment
in, relationship with, and nature of the operations of Vantiv, LLC;
(21) loss of income from any sale or potential sale of businesses
that could have an adverse effect on Fifth Third’s earnings and
future growth; (22) difficulties in separating the operations of
any branches or other assets divested; (23) inability to achieve
expected benefits from branch consolidations and planned sales
within desired timeframes, if at all; (24) ability to secure
confidential information and deliver products and services through
the use of computer systems and telecommunications networks; and
(25) the impact of reputational risk created by these developments
on such matters as business generation and retention, funding and
liquidity.
You should refer to our periodic and current reports filed with
the Securities and Exchange Commission, or “SEC,” for further
information on other factors, which could cause actual results to
be significantly different from those expressed or implied by these
forward-looking statements.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20150716006516/en/
Fifth Third BancorpJim Eglseder (Investors), 513-534-8424orLarry
Magnesen (Media), 513-534-8055
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