fifth third bancorp (FITB) Key Developments
Brian Harrison Files the Lawsuit in U.S. District Court in Nashville Against Fifth Third Bancorp for Payday Loans
May 16 13
Fifth Third Bancorp has been sued for the third time in the nine months over claims that it charges illegally high interest rates for its payday loan product. Nashville, Tenn.-area resident Brian Harrison filed the lawsuit in U.S. District Court in Nashville. He claims that he paid interest rates well above the advertised 120% annual rate for Fifth Third's Early Access program. The program works much like a payday loan in that it provides short-term loans to customers who pay it back out of their next paycheck through Fifth Third's direct deposit service. It charges 10% of the amount advanced to the customer. Harrison claims in the lawsuit that because he paid the loans back within 14 days, his annualized% age rate on the loans ranged from 260% to 3,650%. The bank says on its website in describing the Early Access program that the fees come to a 120% annual rate when paid back in a month. But Fifth Third calls it a transaction fee instead of an interest rate.
Fifth Third Bancorp Files Certificate of Amendment to Amended Articles of Incorporation
May 16 13
On May 14, 2013, Fifth Third Bancorp filed a certificate of amendment to its amended articles of incorporation, as amended, for the purpose of fixing the designations, preferences, limitations and relative rights of the 5.10% fixed-to-floating ate non-cumulative perpetual preferred stock, series H, no par value, $25,000 liquidation preference per share (Series H Preferred Stock). The Certificate of Amendment became effective upon filing.
Fifth Third Bancorp Names Maria Veltre as Chief Marketing Officer
Apr 30 13
Fifth Third Bancorp announced that it has named Maria Veltre as senior vice president and chief marketing officer, effective immediately. Veltre most recently was managing director and chief marketing officer for Small Business at Citibank. Over her 27-year history in financial services, Veltre has held marketing leadership positions at Citibank, JPMorgan Chase and GE Capital. Her extensive digital background includes directing marketing for Citibank.com and Chase.com. In her new role, Veltre will report to Todd Clossin, executive vice president and chief administrative officer. Veltre succeeds Larry Magnesen, who served as CMO since January 2007.
Fifth Third Bancorp Promotes Roger Bonnell to Assistant Vice President
Apr 24 13
Roger Bonnell, of Mariemont, was promoted to assistant vice president by the Fifth Third Bancorp Board of Directors. Bonnell is an operations senior business analyst. He joined the bank in 2001.
Fifth Third Bancorp Announces Executive Promotions
Apr 21 13
Yvonne Nabors, Kimberly Haney, Sarah St. Clair, Kyle Pfetzer and Leo Smith were promoted to vice president at Fifth Third Bancorp.