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Fifth Third Bank Expands Presence in Illinois with New Banking Center

Strategic Insights

— 2 min read

Fifth Third Bank has further solidified its growing presence in Illinois by opening a new full-service Banking Center in Rolling Meadows, a northwest suburb of Chicago. This 13,215 square foot space will not only serve as the bank's first full-service location in the area but also as the headquarters for its data processing subsidiary, Midwest Payment Systems (MPS). The expansion is part of Fifth Third's strategic plan to grow its presence in the state, which includes the planned purchase of Old Kent Financial Corporation, a $22.5 billion financial holding company.

Key Takeaways:

  • Fifth Third Bank has opened a new full-service Banking Center in Rolling Meadows, Illinois, marking its first such location in the area.
  • The bank plans to add 75 Banking Center locations in Chicago and over 230 locations throughout Michigan following its acquisition of Old Kent Financial Corporation.
  • Midwest Payment Systems (MPS), a data processing subsidiary of Fifth Third, will relocate to the new Banking Center from its current location on North Cumberland Avenue.
  • MPS will offer data processing solutions to over 2,000 Chicagoland financial institutions and retailers, with a merchant customer base generating over $50 billion in credit card sales annually.
  • The processing subsidiary also handles over 4.8 billion e-commerce transactions for over 80,000 financial institutions and merchants worldwide.
  • Fifth Third's other subsidiaries, including Retail, Commercial, Investment Advisors, and Midwest Payment Systems, offer a range of services, including interest-bearing checking and savings accounts, business loans, and investments in Fifth Third Funds.
  • Chicago-based Equis Corporation assisted Fifth Third with the lease and relocation negotiations.
  • Fifth Third Bancorp has $44 billion in assets, operates 14 affiliates, and has 667 full-service Banking Centers across multiple states.

Statistics:

  • $22.5 billion: The acquisition value of Old Kent Financial Corporation.
  • 75: The number of Banking Center locations to be added in Chicago following the acquisition.
  • 230: The number of locations throughout Michigan to be added following the acquisition.
  • 13,215 square feet: The size of the new Banking Center in Rolling Meadows.
  • 4.8 billion: The number of e-commerce transactions processed by MPS annually.
  • 80,000: The number of financial institutions and merchants served by MPS worldwide.
  • 2,000: The number of Chicagoland financial institutions and retailers served by MPS.

Sources:

  • Fifth Third Bancorp press release, Dec. 18.
  • Equis Corporation website, accessed Dec. 18.
  • PC Week, recognition as #1 e-business innovator.
  • Standard & Poor's and Moody's, deposit ratings.
  • Moody's, senior debt rating.
  • NASDAQ National Market System, Fifth Third Bancorp common stock symbol "FITB."

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