Fifth Third Bancorp (FITB) today announced that it has named Frank
Forrest as chief risk and credit officer, effective September 2013.
Forrest will join Fifth Third from Bank of America where he has held
numerous positions over the past 25 years in credit and risk
management, including Global Debt Products Executive and Commercial
Banking Risk Management Executive.
Forrest brings broad-based credit and operational risk management
experience across multiple lines of business, including commercial and
corporate banking, small business, commercial real estate, leasing, auto
dealer finance and investment banking. In his career, Forrest has led
change initiatives related to risk management structure, end-to-end
credit delivery processes, and acquisition integration. Prior to joining
Bank of America, Forrest worked at the U.S. Department of Treasury,
Office of the Comptroller of the Currency as a national bank examiner.
Forrest graduated from Florida State University with a Bachelor of
Science degree in accounting and finance.
In his new role, Forrest will report to Kevin T. Kabat, vice chairman
and CEO of Fifth Third.
“Frank’s extensive experience and his breadth of knowledge in the
banking industry will help us continue to deepen our risk management
disciplines,” Kabat said. “He brings extensive leadership experience in
a broad set of businesses of relevance to Fifth Third Bank.”
In the chief risk officer position, Forrest succeeds Paul Reynolds,
current chief risk officer, who will retire at the end of the year.
Kabat said, “Paul’s many contributions to Fifth Third in a variety of
roles, and his counsel to me over the years have been of immense value
to our company, and we all thank him for his dedicated service and wish
him well.” Forrest also fills the open chief credit officer position.
Fifth Third Bancorp is a diversified financial services company
headquartered in Cincinnati, Ohio. The Company has $121 billion in
assets and operates 18 affiliates with 1,321 full-service Banking
Centers, including 104 Bank Mart® locations open seven days a week
inside select grocery stores and 2,439 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 28% interest in Vantiv
Holding, LLC. Fifth Third is among the largest money managers in the
Midwest and, as of March 31, 2013, had $318 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.” Fifth Third Bank was established in 1858.
Member FDIC.
Fifth Third Bancorp
Larry Magnesen (Media), 513-534-8055
Jim Eglseder (Investors), 513-534-8424