Fifth Third Bank is ready to go nationwide.
Fifth Third Bank is based in Ohio and currently operates in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia, and North Carolina, but earlier this year, the bank filed an application with the Office of the Comptroller of the Currency to convert itself from an Ohio state-chartered bank to a nationally chartered bank, overseen by the OCC.
And this week, the OCC approved Fifth Third's application, positioning the bank to be nationally chartered.
According to Fifth Third, it sought out to change from a state-chartered bank to a national bank to “better align regulatory supervision with its expanding national business model by streamlining its operations under one uniform set of laws and regulations.”
As for that expanding business model, the bank is in growth mode, having acquired Chicago's MB Financial earlier this year.
Fifth Third currently operates four main business lines: commercial banking, branch banking, consumer lending, and wealth and asset management.
As of June 30, 2019, Fifth Third had $169 billion in assets and operated 1,207 full-service banking centers and 2,551 ATMs with Fifth Third branding in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia and North Carolina.
To read the OCC's letter of approval, click here.
