Succeeds Greg D. Carmichael, who becomes CEO Nov. 1
Fifth Third Bancorp (Nasdaq: FITB) announced today that Lars C. Anderson
will become its executive vice president and chief operating officer and
will be joining the Company on Aug. 3, 2015. Anderson will succeed Greg
D. Carmichael, Fifth Third’s president and COO, who has been named CEO
effective Nov. 1. Anderson will report to Carmichael.
Anderson joins Fifth Third from Comerica, where he was vice chairman,
Business Bank, a member of the Management Executive Committee, and chair
of that bank’s executive credit committee.
“Lars represents an outstanding addition to Fifth Third Bank,”
Carmichael said. “His extensive industry experience and deep expertise
in commercial banking make him an ideal complement to our executive
team. As our next chief operating officer, I look to him to as an
important partner in building the future of our franchise.”
Anderson’s background includes more than 30 years of banking industry
experience. At Comerica, where he served since 2010, Anderson led more
than 20 lines of business to support the growth of commercial clients,
including Middle Market Banking and U.S. Banking, as well as specialized
businesses with expertise in vertical industries including Energy,
Technology and Life Sciences, Entertainment, Municipalities, Commercial
Real Estate, Dealer Services, and others. He also led teams that offered
solutions across all of Comerica’s customer base, including Corporate
Finance, Treasury Management Services and Leasing. Finally, throughout
his career, he has worked closely with Wealth Management leadership to
ensure success in delivering customized personal solutions.
Prior to joining Comerica, over a 25-year career at BB&T Corporation,
Anderson served as group banking executive and in a number of other
leadership positions of increasing scope and responsibility. He earned a
bachelor’s degree from Suffolk University in Boston and completed
advanced management programs at both the University of North Carolina
and University of Chicago. His community activities have included
involvement with the University of Georgia, Southern Methodist
University, and the United Way.
Said Anderson, “I am excited to be joining Fifth Third. The Bank has a
strong financial foundation and excellent growth prospects. I look
forward to being part of a bright future.”
In his role as chief operating officer, Anderson’s responsibilities will
include leading the Commercial and Investment Advisor lines of business
and enterprise-wide Marketing and Customer Experience. He will also have
oversight of all 15 of Fifth Third’s affiliates.
Fifth Third Bancorp (Nasdaq: FITB) is a diversified financial services
company headquartered in Cincinnati, Ohio. As of March 31, 2015, the
Company had $140 billion in assets and operated 15 affiliates with 1,303
full-service Banking Centers, including 101 Bank Mart® locations, most
open seven days a week, inside select grocery stores and 2,637 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 March 31, 2015, had $308 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."
FORWARD-LOOKING STATEMENTS
This release contains statements that we believe are “forward-looking
statements” within the meaning of Section 27A of the Securities Act of
1933, as amended, and Rule 175 promulgated thereunder, and Section 21E
of the Securities Exchange Act of 1934, as amended, and Rule 3b-6
promulgated thereunder. These statements relate to our financial
condition, results of operations, plans, objectives, future performance
or business. They usually can be identified by the use of
forward-looking language such as “will likely result,” “may,” “are
expected to,” “anticipates,” “potential,” “estimate,” “forecast,”
“projected,” “intends to,” or may include other similar words or phrases
such as “believes,” “plans,” “trend,” “objective,” “continue,” “remain,”
or similar expressions, or future or conditional verbs such as “will,”
“would,” “should,” “could,” “might,” “can,” or similar verbs. You should
not place undue reliance on these statements, as they are subject to
risks and uncertainties, including but not limited to the risk factors
set forth in our most recent Annual Report on Form 10-K as updated from
time to time by our Quarterly Reports on Form 10-Q. When considering
these forward-looking statements, you should keep in mind these risks
and uncertainties, as well as any cautionary statements we may make.
Moreover, you should treat these statements as speaking only as of the
date they are made and based only on information then actually known to
us.
There are a number of important factors that could cause future results
to differ materially from historical performance and these
forward-looking statements. Factors that might cause such a difference
include, but are not limited to: (1) general economic conditions and
weakening in the economy, specifically the real estate market, either
nationally or in the states in which Fifth Third, one or more acquired
entities and/or the combined company do business, are less favorable
than expected; (2) deteriorating credit quality; (3) political
developments, wars or other hostilities may disrupt or increase
volatility in securities markets or other economic conditions; (4)
changes in the interest rate environment reduce interest margins; (5)
prepayment speeds, loan origination and sale volumes, charge-offs and
loan loss provisions; (6) Fifth Third’s ability to maintain required
capital levels and adequate sources of funding and liquidity; (7)
maintaining capital requirements and adequate sources of funding and
liquidity may limit Fifth Third’s operations and potential growth; (8)
changes and trends in capital markets; (9) problems encountered by
larger or similar financial institutions may adversely affect the
banking industry and/or Fifth Third; (10) competitive pressures among
depository institutions increase significantly; (11) effects of critical
accounting policies and judgments; (12) changes in accounting policies
or procedures as may be required by the Financial Accounting Standards
Board (FASB) or other regulatory agencies; (13) legislative or
regulatory changes or actions, or significant litigation, adversely
affect Fifth Third, one or more acquired entities and/or the combined
company or the businesses in which Fifth Third, one or more acquired
entities and/or the combined company are engaged, including the
Dodd-Frank Wall Street Reform and Consumer Protection Act; (14) ability
to maintain favorable ratings from rating agencies; (15) fluctuation of
Fifth Third’s stock price; (16) ability to attract and retain key
personnel; (17) ability to receive dividends from its subsidiaries; (18)
potentially dilutive effect of future acquisitions on current
shareholders’ ownership of Fifth Third; (19) effects of accounting or
financial results of one or more acquired entities; (20) difficulties
from Fifth Third’s investment in, relationship with, and nature of the
operations of Vantiv, LLC; (21) loss of income from any sale or
potential sale of businesses that could have an adverse effect on Fifth
Third’s earnings and future growth; (22) difficulties in separating the
operations of any branches or other assets divested; (23) inability to
achieve expected benefits from branch consolidations and planned sales
within desired timeframes, if at all; (24) ability to secure
confidential information and deliver products and services through the
use of computer systems and telecommunications networks; and (25) the
impact of reputational risk created by these developments on such
matters as business generation and retention, funding and liquidity.
You should refer to our periodic and current reports filed with the
Securities and Exchange Commission, or “SEC,” for further information on
other factors, which could cause actual results to be significantly
different from those expressed or implied by these forward-looking
statements.
Fifth Third Bancorp
Jim Eglseder (Investors), 513-534-8424
or
Larry Magnesen (Media), 513-534-8055