Inventory
info icon
Single family homes on the market. Updated weekly.Powered by Altos Research
722,032+456
30-yr Fixed Rate30-yr Fixed
info icon
30-Yr. Fixed Conforming. Updated hourly during market hours.
6.99%0.00
MortgagePeople Movers

Fifth Third Bank promotes Phillip McHugh to head of consumer bank

Replacing Chad Borton, who is leaving for USAA Federal Savings Bank

Fifth Third Bancorp announced recently that it is promoting Phillip McHugh to become the bank’s new head of its consumer bank, which includes retail banking, mortgage, auto lending, business banking, collections and credit centers.

Previously, McHugh was executive vice president and head of Fifth Third Wealth and Asset Management.

McHugh is replacing Chad Borton, who is leaving Fifth Third to become president of USAA Federal Savings Bank, the bank said.

“I am confident that Phil McHugh will ably lead our consumer bank,” Greg Carmichael, Fifth Third’s president and chief executive officer, said.

“Our deep bench of talented executives ensured that we had a strong successor to maintain our positive momentum,” Carmichael said. “While we are sorry to see Chad go, his new role at USAA fulfills a dream of leading an organization dedicated to serving the needs of military personnel, veterans and their families.”

As Fifth Third notes in its release, Borton served as an active-duty U.S. Army officer before embarking on a career in the banking business.

Now, McHugh is taking over the company’s consumer bank.

McHugh joined Fifth Third in 1986. Prior to taking over the bank’s Wealth and Asset Management division, McHugh served as president of Fifth Third’s Louisville region and in a variety of commercial and trust roles.

“I am excited to take on this new role,” McHugh said. “I have a passion for serving our retail customers and coordinating efforts with our other lines of business to offer a comprehensive array of solutions.”

Replacing McHugh as head of Fifth Third’s Wealth and Asset Management division is Ralph (Mike) Michael, who currently serves as executive vice president and regional president.

Michael joined Fifth Third in 2010 as president of Fifth Third Bank (Cincinnati) before subsequently assuming responsibility over the regional presidents who manage geographic markets across the bank’s footprint.

 “Mike has the right background to lead our Wealth and Asset Management business,” Carmichael said. We are pleased that he will leverage his considerable operational strengths in a business that is increasingly important to us.”

Most Popular Articles

Latest Articles

Lower mortgage rates attracting more homebuyers 

An often misguided premise I see on social media is that lower mortgage rates are doing nothing for housing demand. That’s ok — very few people are looking at the data without an agenda. However, the point of this tracker is to show you evidence that lower rates have already changed housing data. So, let’s […]

3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please