Fifth Third Bank Set to Expand in the Region with Empowering its Community as a Top Priority
Fifth Third Bank, the nation’s 14th largest bank, entered the Georgia market in 2007 by acquiring R-G Crown Bank, a Florida-based bank with three locations in Augusta. The following year, Fifth Third Bank purchased nine First Horizon branches, right before the start of the financial crisis.
Since planting its roots, Fifth Third has continued to expand its business and leadership presence in Georgia. The bank now has 33 banking centers, along with more than 80 ATMs at RaceTrac convenience store locations across the state. In addition, the bank has increased its loan portfolio, built out its commercial, corporate, wealth and asset management capabilities and grown its deposits.
Today, ranked in deposits, Fifth Third Bank is Georgia’s 16th largest bank with $2.79 billion in deposits as of January 2021 per the Federal Deposit Insurance Corporation.
After more than a decade in the market, the bank is again looking to grow.
“The Georgia region, and Atlanta specifically, is an extremely attractive and important market for us,” says Randy Koporc, regional president for Fifth Third Bank Georgia.
“One important way, among others, to expand in the region is by working to strengthen the community and partnering with organizations to support the vibrancy of the state,” said Koporc. “I strongly believe when you build your community, you build your bank.”
To that end, Fifth Third Bank is the official bank of Kennesaw State University’s Athletics. The Fifth Third Bank Stadium is home to many Kennesaw State sports teams, drawing thousands of visitors and yielding economic impact to the area. Fifth Third Bank is also a key sponsor of the Broadway in Atlanta series at the iconic Fox Theatre – further supporting the region while building its name.
Growth strategy for the bank
As part of the Ohio-based bank’s expansion plans, it plans to close more than 100 branches in more mature markets in the Midwest and open a similar number of higher-growth markets in the Southeast – Atlanta being one of those priority markets. Other markets include Charlotte, Raleigh, Durham, Asheville, Nashville, and parts of Florida.
Four new financial centers have opened in metro Atlanta, offering next-generation design where customers will see open meeting spaces rather than a teller line. In addition, bankers will be mobile with technology that allows them to meet and serve customers in a variety of settings.
Fifth Third Bank is also taking a long-term approach to building in the market by attracting and retaining talent with the best understanding of the market landscape within the commercial and private bank divisions.
“Empowering Atlanta” a Key Priority
In 2016, Fifth Third Bank made a pledge to lend and invest $30 billion to low-and-moderate income (LMI) borrowers and in LMI communities over a five-year period from 2016-2020. In 2019, the bank increased its commitment to $32 billion, and the commitment serves as the largest community commitment made by a single bank in recent history.
The bank’s community commitment comes to life in Georgia through investments to organizations who offer aid in affordable housing, education, small business development and financial stability for individuals and families.
Just last year, Fifth Third Bank announced a $20 million neighborhood investment program to support and revitalize Atlanta’s Grove Park community. Over the next three years, the Bank is committed to providing lending and investments, including philanthropic support from the Fifth Third Foundation to help Grove Park Foundation create a healthy, equitable, and vibrant community.
“We’re proud to be an integral part of this region, and we’re honored to take a leadership role not only in strengthening its present, but also in building its future,” Koporc says.
As part of the Bank’s commitment to empower underserved individuals, families and communities, the Bank has partnered with SaportaReport to deliver responsible and innovative financial solutions. The segment is called “Empowering Atlanta,” and you will hear from Fifth Third Bank Georgia leaders about ways we can work to ensure financial health and sustainable communities.