Fifth Third Bancorp (NASDAQ: FITB) today announced that Steven Alonso,
most recently executive vice president and head of the Consumer Bank,
will take on a new role as regional president of a newly created Fifth
Third Bank (Indiana) affiliate.
Alonso will lead Fifth Third’s operations within the state of Indiana
under the new Fifth Third Bank (Indiana) affiliate, encompassing the
Bank’s Southern and Central Indiana affiliates. He will continue to
report to Greg Carmichael, president and chief operating officer for
Fifth Third Bancorp.
“Steve’s experience as head of our Consumer Bank will be invaluable as
he works more directly with the customers and communities we serve
throughout Indiana,” said Carmichael. “As we constantly look at ways to
better run our business, this new structure allows us to recognize the
regional power of our Indiana affiliates, with Steve at the lead, by
leveraging the talent and opportunities within the Indianapolis and
Evansville markets.”
Alonso joined Fifth Third Bank in November 2008, and prior to his role
as head of the Consumer Bank, he served as executive vice president and
head of Mortgage and Consumer Lending. He also has been responsible for
Business Banking for the Bancorp.
Chad Borton, former senior vice president and Head of the Retail Bank
will now become executive vice president and Head of the Consumer Bank,
succeeding Alonso and reporting to Carmichael. Prior to joining Fifth
Third in July 2012, Borton held several senior management positions at
JP Morgan Chase, including Consumer Bank chief financial officer and
head of the Retail Distribution Network.
“Since joining Fifth Third, Chad has successfully led the Retail Bank to
achieve significant growth and enhancements to technology as well as lay
the foundation for continued success through our consultative sales
process,” said Carmichael.
Replacing Borton as Head of the Retail Bank is Mike Butera, former
senior vice president and Retail Executive for Fifth Third’s Cincinnati
affiliate. Butera joined the Bank in 2003 as the Retail CFO and also
served as managing director of Distribution Strategy and managing
director in the Strategic Planning group.
“Mike’s experience in a variety of functions for Fifth Third will help
us continue the momentum in growth and innovation we’ve seen in the
Retail business for the past many years,” added Carmichael. “We have
significant bench strength here at Fifth Third and among our leadership
team, which gives us confidence to make changes to our business like
this with leaders and resources and that we know will serve our
customers and the Bank well.”
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 1,320 full-service Banking
Centers, including 104 Bank Mart® locations, most open seven days a
week, inside select grocery stores and 2,586 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 December 31, 2013, had $302 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, 513-534-8055