CINCINNATI, May 2 /PRNewswire-FirstCall/ -- Fifth Third Bancorp
(Nasdaq: FITB) today announced that Christopher G. Marshall, executive vice
president of Fifth Third Bancorp and Fifth Third Bank, resigned May 1, 2008
effective April 30, 2008. Mr. Marshall had served as Chief Financial
Officer.
Daniel T. Poston, executive vice president and Controller will serve as
Chief Financial Officer until a permanent successor for Mr. Marshall is
named. A search is underway.
Kevin T. Kabat, President and Chief Executive Officer of Fifth Third
Bancorp said, "We thank Chris for his service. Chris has made numerous
contributions to the Company over the past two years. I understand his
interest in returning his family to the East Coast and wish him the best. I
know that Dan will do a terrific job working with our business line heads
as we determine a permanent replacement."
Christopher Marshall, former executive vice president of Fifth Third
Bancorp and Fifth Third Bank, said, "Fifth Third is a great company and it
has been a privilege to work with such a talented team. The Company has
excellent leadership in place and I have every confidence in its ability to
continue its very strong performance."
The resignation does not impact or in any way relate to the financial
statements or reporting of Fifth Third Bancorp or its subsidiaries.
Fifth Third Bancorp is a diversified financial services company
headquartered in Cincinnati, Ohio. The Company has $111 billion in assets,
operates 18 affiliates with 1,232 full-service Banking Centers, including
107 Bank Mart(R) locations open seven days a week inside select grocery
stores and 2,221 ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois,
Florida, Tennessee, West Virginia, Pennsylvania, Missouri and Georgia.
Fifth Third operates five main businesses: Commercial Banking, Branch
Banking, Consumer Lending, Investment Advisors and Fifth Third Processing
Solutions. Fifth Third is among the largest money managers in the Midwest
and, as of March 31, 2008, has $212 billion in assets under care, of which
it managed $31 billion for individuals, corporations and not-for-profit
organizations. Investor information and press releases can be viewed at
http://www.53.com. Fifth Third's common stock is traded on the NASDAQ(R) National
Global Select Market under the symbol "FITB."
Forward-Looking Statements
This report contains or incorporates 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," "is
anticipated," "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 those described in this prospectus supplement, the
accompanying prospectus or the documents incorporated by reference,
including the risk factors set forth in our most recent Annual Report on
Form 10-K. 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 national 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) our ability to maintain required
capital levels and adequate sources of funding and liquidity; (7) changes
and trends in capital markets; (8) competitive pressures among depository
institutions increase significantly; (9) effects of critical accounting
policies and judgments; (10) changes in accounting policies or procedures
as may be required by the Financial Accounting Standards Board or other
regulatory agencies; (11) 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; (12) ability to maintain favorable ratings from rating agencies;
(13) fluctuation of Fifth Third's stock price; (14) ability to attract and
retain key personnel; (15) ability to receive dividends from its
subsidiaries; (16) the potentially dilutive effect of future acquisitions
on current shareholders' ownership of Fifth Third; (17) effects of
accounting or financial results of one or more acquired entities; (18)
difficulties in combining the operations of acquired entities; (19) ability
to secure confidential information through the use of computer systems and
telecommunications networks; and (20) the impact of reputational risk
created by these developments on such matters as business generation and
retention, funding and liquidity.
Additional information concerning factors that could cause actual
results to differ materially from those expressed or implied in the
forward-looking statements is available in the Bancorp's Annual Report on
Form 10-K for the year ended December 31, 2007, filed with the United
States Securities and Exchange Commission (SEC). Copies of this filing are
available at no cost on the SEC's Web site at http://www.sec.gov or on the Fifth
Third's Web site at http://www.53.com. Fifth Third undertakes no obligation to
release revisions to these forward-looking statements or reflect events or
circumstances after the date of this report.
SOURCE Fifth Third Bancorp
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Related links:
http://www.53.com
http://www.sec.gov
CONTACT:
Analysts, Jeff Richardson, +1-513-534-0983,
or Jim Eglseder, +1-513-534-8424, or Media, Debra DeCourcy, APR,
+1-513-534-4153, all of Fifth Third Bancorp
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