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Headquarters:
Fifth Third Center
Cincinnati, OH 45263
Employees: 18,351
CEO: Kevin Kabat
Stock Symbol: FITB
Website: http://www.53.com
Career Site
Fifth Third is a major bank serving the Midwest and Southeast.
The Company has $139 billion in assets, operates 15 affiliates with 1,302 full-service Banking Centers, including 101 Bank Mart locations with most open seven days a week inside select grocery stores and 2,638 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 December 31, 2014, had $308 billion in assets under care, of which it managed $27 billion for individuals, corporations and not-for-profit organizations.
In 2014, the company reported net income of $1.5 billion, down 19% from the previous year. The company had deposits of $99.3 billion at the end of 2014.
History
Fifth Third traces its origins to the Bank of the Ohio Valley, which opened its doors in Cincinnati in 1858. In 1871, that bank was purchased by the Third National Bank. With the turn of the century came the union of the Third National Bank and the Fifth National Bank, and eventually the organization became known as "Fifth Third Bank" in 1969.
The bank received $3.4 billion from the U.S. Treasury as part of its Troubled Asset Relief Program (TARP) in 2008.
Benefits
Insurance Coverage - Includes health, dental, life and disability insurance.
Profit Sharing
Fifth Third has made "wealth accumulation" a reality through Profit Sharing. On an annual basis, active employees may receive contributions from the Bank's profits. The contribution is based on Bank performance and ranges from 0-10% with a target of 4%. The contribution is placed in a retirement account set up for each employee. Profit sharing contributions vest after five years of service. Eligible compensation for Profit Sharing is accumulated from January 1st to December 31st of each year.
401(k) Plan
The 401(k) Plan allows employees to contribute between 1% and 20% of eligible compensation. Participation may begin after 30 days of service. These contributions are made on a pre-tax basis, which means federal and state income taxes are lower. Also, employees may elect to make after-tax deferrals into the Plan; however, the total contribution may not exceed 20%.
401(k) Match
As a bonus, Fifth Third offers a 100% match on the first 4% of pretax contributions made by employees. The match vests after three years of service.
Employee Stock Purchase Plan
Fifth Third Stock is an excellent way to accumulate wealth for the future. Fifth Third offers employees the opportunity to purchase Fifth Third Bancorp common stock through payroll deductions. The Bank provides a 15% match on employee contributions. Employees pay no service fees or commissions.
Vacation
Regular full-time and part-time employees hired to work more than 20 hours/week earn vacation based on length of service according to the following schedule:
| Length of Service |
Weeks of Vacation |
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1 < 5 years
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2
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5 < 11 years
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3
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11 < 12 years
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3+1 day
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12 < 13 years
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3+2 days
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13 < 14 years
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3+3 days
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14 < 15 years
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3+4 days
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15 < 25 years
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4
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25 years and over
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5
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Vacation time will accumulate on an hourly basis each pay period. Full-time employees receive 8 hours of pay per vacation day. Part-time employees receive 5 hours of pay per vacation day.
Vacation Purchase
Employees may be eligible to purchase up to 5 days of additional vacation. This election can be made only during open enrollment.
Holidays
Fifth Third provides holiday pay for all regular employees upon hire. Full-time employees receive 8 hours of pay per holiday. Part-time employees receive holiday pay based on that day's normally scheduled hours. Ten national holidays are observed.
Sick Days
All full-time employees are eligible for sick days.* Sick days are divided into two categories: Current and Medical Leave. These days are incremented on a per pay basis. Current days are available for use in the current year when a personal or family illness prevents an employee from working. Medical Leave days are available for use when there is an extended absence of four days or more due to an illness or injury. Any remaining sick days at year-end are accumulated up to a maximum of 130 days.
* Part-time employees hired to work more than 20 hours/week accrue Medical Leave days.
Medical Appointments
Fifth Third recognizes that employees may need time off occasionally for a medical appointment. Therefore, full-time employees may be eligible for up to two hours for a medical appointment per quarter.
Employee Banking Services
Fifth Third employees are eligible for several special banking services such as:
Free Checking Account: Employees receive a checking account without service fees and free designated style checks.
Administrative Services: The following administrative services are free to all employees:
Traveler's Checks
Checking Transfers
Automated Savings
Jeanie Transactions (at a 5/3 location)
Jeanie's Private Line
Employee Visa/MasterCard: Employees may apply for an employee Visa and/or MasterCard after 90 days of employment.
Employee Loans: Employees are eligible for special discounts on mortgage loans after 90 days of employment.
Updated January 24, 2015
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