A large Cincinnati-based financial institution, Fifth Third Bank, is opening its first office in Savannah as it looks to grow its presence in Georgia and the Southeast.
The name may be new in Savannah, but the bank has about 32 locations in the state already, as well as a 12-state footprint that includes Florida, North Carolina and Tennessee.
The bank traces its origins to 1858 with the Bank of the Ohio Valley in Cincinnati, which was later acquired by the Third Bank of Ohio.
“The question we get most often is, ‘What’s with the name?’” said Jennifer Castanet, senior vice president of marketing. “And it’s the culmination of the merger of the Fifth Bank of Ohio and the Third Bank of Ohio (in 1908).”
Fifth Third Bank first entered Georgia in 2007 with the acquisition of Florida-based R-G Crown Bank, which had three locations in Augusta. Around the same time, Fifth Third also acquired First Charter Bank and First Horizon National Corporation, which gave it several branch locations in Atlanta.
The bank’s Savannah office will work solely on the commercial banking side for now, particularly focusing on middle-market companies with revenues ranging from $50 million to $500 million.
Fifth Third hopes to meet increasing demand for commercial lending and help grow businesses through financing options, access to capital markets, international services and cash management solutions, according to a press release.
Chris Kirkpatrick, former group vice president at SunTrust, is heading the new Fifth Third office. Kirkpatrick previously served as commercial team leader while at SunTrust for the Savannah, Augusta and Macon markets.
In a statement, Kirkpatrick said he would take a “holistic, consultative approach with each business we work with, looking at both short-term and long-term objectives.”
Although Savannah has more than 20 banks presently, Castanet said the Coastal Empire is still experiencing strong growth.
“If we’re looking outside Atlanta, the next most vital market is Savannah,” said Castanet. “Just the growth that Savannah is experiencing, the vitality of the market and the fact we’re able to tap someone with a deep network and connections there makes it a logical choice for expansion.”
For the moment, Fifth Third hopes to gain traction in the middle-market sector, eventually adding other banking services before expanding into the retail side. The nearest retail branch is in Augusta.
Acquisitions are also part of Fifth Third’s growth and expansion plan, according to Castanet, though there are no plans for any mergers presently.
Fifth Third’s new office is located at the corner of Broughton and Bull Street in the new Regus offices in the Altmayer Building.
ABOUT FIFTH THIRD BANK
Established in 1858, Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. The FDIC member company has $130 billion in assets and operates 17 affiliates with 1,320 full-service banking centers. Fifth Third operates four main businesses: Commercial banking, branch banking, consumer lending and investment.
As of Dec. 31, 2013, the bank had $302 billion in assets under care, of which it managed $27 billion for individuals, corporations and nonprofit organizations. Fifth Third’s common stock is traded on the NASDAQ under the symbol “FITB.”