News Column

Fifth Third Bank Extends More Than $6.9 Billion in Credit to Business Customers

May 28, 2014

By a News Reporter-Staff News Editor at Journal of Engineering -- Fifth Third Bank announced that it has extended more than $6.9 billion in new and renewed credit to business customers from January through March 2014. In 2013, Fifth Third Bank lent more than $39 billion to businesses throughout its footprint.

Companies who have received loans from Fifth Third Bank during this time period include: Agile Resources, Inc, an IT staffing and consulting firm headquartered in Atlanta. Fifth Third provided Agile Resources with a line of credit for working capital needs. Community Health Systems, a national general acute care hospital company headquartered in Franklin, Tenn. The company financed the acquisition of Health Management Associates in January of 2014 with a combination of solutions. Jedson Engineering, a full-service engineering, procurement and construction management company that recently constructed a new global headquarters building Cincinnati. Fifth Third provided Jedson with construction and equipment loans supporting the future expansion of their business. School Outfitters is a Norwood, Ohio based company providing furniture and equipment to public, private and parochial schools and educational institutions. The Company plans to fund a renovation of their corporate headquarters allowing for additional employees and to access working capital to meet the needs of their growing business.

"We work closely with our business customers to provide them the right solutions and services to improve their access to working capital and to help them grow," said Greg Kosch, executive vice president and head of the Wholesale Bank for Fifth Third.

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 1,311 full-service Banking Centers, including 104 Bank Mart® locations, most open seven days a week, inside select grocery stores and 2,614 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 26% interest in Vantiv Holding, LLC. Fifth Third is among the largest money managers in the Midwest and, as of March 31, 2014, had $281 billion in assets under care, of which it managed $26 billion for individuals, corporations and not-for-profit organizations. Investor information and press releases can be viewed at 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.

Keywords for this news article include: Engineering, Fifth Third Bank.

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Source: Journal of Engineering

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