Fifth Third Bancorp (NASDAQ: FITB) today announced the appointment of
Nicholas K. Akins, president and chief executive officer of American
Electric Power, to the Bancorp Board of Directors.
“We are pleased to welcome Nick to the Board and look forward to his
unique perspectives,” said William Isaac, chairman of the Fifth Third
Bancorp Board. “Nick has tremendous business acumen, having served in
key leadership roles throughout his distinguished career.”
Headquartered in Columbus, Ohio, American Electric Power (AEP) is one of
the largest electric utilities in the United States, delivering
electricity to more than 5 million customers in 11 states. Akins is a
seasoned energy executive who rose through the ranks at both AEP and the
former Central and South West Corp., which merged with AEP in 2000.
Akins began his career in 1982 as an electrical engineer before moving
up to positions of increasing responsibility. Prior to being elected
president of AEP in December 2010, he served as executive vice president
– Generation – from 2006 through 2010, with responsibility for all
generation activities of AEP’s approximately 38,000 megawatts of
generation resources. This included engineering, construction, power
plant operations, fuels procurement, logistics, new generation and
marketing and trading.
“The executive leadership team is eager to work with Nick and we are
excited about the guidance and insight that he will provide,
specifically in the energy sector, an important focus and industry
specialization for the Bank,” said Kevin T. Kabat, vice chairman and CEO
of Fifth Third Bancorp.
A native of Louisiana, Akins received his bachelor’s degree in electric
engineering from Louisiana Tech University in Ruston and a master’s
degree in electrical engineering from Louisiana Tech. Additional
training includes executive management programs at Louisiana State
University, the University of Idaho and the Reactor Technology Course
for Utility Executives at the Massachusetts Institute of Technology. He
is a registered professional engineer in Texas.
“I have been familiar with Fifth Third, having worked in the Bank’s
footprint for many years,” explained Akins. “I look forward to working
with the Board of Directors and contributing to the future success of
the Company.”
Fifth Third Bancorp is a diversified financial services company
headquartered in Cincinnati, Ohio. The Company has $123 billion in
assets and operates 18 affiliates with 1,326 full-service Banking
Centers, including 104 Bank Mart® locations open seven days a week
inside select grocery stores and 2,363 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 25% interest in Vantiv
Holding, LLC. Fifth Third is among the largest money managers in the
Midwest and, as of June 30, 2013, had $313 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® National Global
Select Market under the symbol “FITB.” Fifth Third Bank was established
in 1858. Member FDIC.
Fifth Third Bancorp
Larry Magnesen, 513-534-8055