Fifth Third Announces Departure of Bruce Lee
Kevin T. Kabat, vice chairman and CEO of Fifth Third Bancorp (Nasdaq: FITB) today announced that Bruce Lee, executive vice president and chief credit officer, will resign his position at year-end for personal reasons.
“Bruce has done a great job as Chief Credit Officer and in managing the Special Assets Group during one of the most challenging credit environments in history,” said Kabat. “He has made many contributions to Fifth Third in those roles, and previously as head of the Commercial line of business. While we are disappointed by his decision, we fully support Bruce's desire to spend time with his family as he considers other personal and professional endeavors.”
Lee joined Fifth Third in 2001 through the Bank's acquisition of Capital Bank, N.A., headquartered in Toledo, Ohio, where he served as executive vice president and senior loan officer. He has served in a variety of leadership roles at Fifth Third, including CEO of Fifth Third Bank (Northwestern Ohio) and as head of the Commercial Division for the Bank. He established Fifth Third's Special Assets Group in 2008.
“The last few years have been the most challenging, demanding and rewarding of my 31-year career,” said Lee. “I'm proud of what the Company has been able to accomplish during this time and I'm proud of my contributions. However, for personal reasons I've made the decision to assess where to focus my energy next. I look forward to spending more time with my family. I have every expectation that Fifth Third will enjoy continued success in the future.”
Kabat shared that Greg Schroeck, senior vice president of Structured Finance, will assume interim responsibilities for the Credit function as the Company conducts an executive search for Lee's replacement. Lee will remain at the Company through the end of the year to assist with the transition.
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. The Company has $117 billion in assets and operates 15 affiliates with 1,325 full-service Banking Centers, including 105 Bank Mart® locations open seven days a week inside select grocery stores and 2,403 ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Pennsylvania, Missouri, Georgia and North Carolina. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending, and Investment Advisors. Fifth Third also has a 39% interest in Vantiv Holding, LLC. Fifth Third is among the largest money managers in the Midwest and, as of September 30, 2012, had $300 billion in assets under care, of which it managed $26 billion for individuals, corporations and not-for-profit organizations. Investor information and press releases can be viewed at www.53.com. Fifth Third's common stock is traded on the NASDAQ® National Global Select Market under the symbol “FITB.” Fifth Third Bank. Member FDIC.
Fifth Third Bancorp
Debra DeCourcy, APR, 513-534-4153 (media)
Jim Eglseder, 513-534-8424 (analysts)