The 2,400 square foot banking center on South Main Street in Greenville is certainly not overwhelming.
But as Fifth Third Bank’s first banking center in South Carolina, it represents far greater development than you can imagine.
Although Fifth Third Bank has had experienced bankers in the state since 2011 – a team of commercial bankers and, more recently, private bankers – the addition of a banking center solidifies the company’s commitment to the Greenville community and expansion in this market.
Driven by the increasing role of digital tools in customers’ lives, there has been a change in the way customers use retail bank branches. Bank officials say the Greenville banking center will introduce Fifth Third’s Next Gen approach to help meet those needs and expectations.
The next generation branch features:
- Mobile bankers use technology that allows them to serve and serve customers in a variety of configurations. Instead of having cash “windows”, the new space gives employees the freedom to move around the lobby. Bank officials say the tablets encourage a more direct and personal way to serve customers.
- A technology wall with a dynamic digital screen.
- Flexible meeting and seating areas, with layers of privacy that can adjust according to the need and type of conversation in progress.
Located in the historic West End district of Greenville, the banking center is the first in a planned expansion to Fifth Third in South Carolina, with its regional headquarters in Charlotte.
Fifth Third Bank, part of Fifth Third Bancorp, based in Cincinnati, a diversified financial services company, expects to open more than 20 Next Gen banking centers in the Carolinas over the next 18 months.
“At the moment, our focus is on Greenville,” said Greg Carmichael, chairman, president and chief executive officer of Fifth Third Bancorp, one of the largest consumer banks based in the United States, in an interview, adding that the bank will open more four local agencies.
“Why is that? One is that I lived here a long time ago (while working for General Electric) and I really appreciate the community itself, the very business-friendly state it is, the excellent climate, the proximity to the mountains and the coast east. It’s just a good place to raise a family. You’re seeing this with the changing population and companies moving into the area. ”
Even so, he knows that there is competition on almost every corner.
Last year, SunTrust and BB&T merged in a historic merger of equals to create Truist, one of the largest banking holdings in the United States, and lead the Greenville-Anderson area in participation in the deposit market.
Truist had a 16.63% stake in Greenville-Anderson deposits, according to the Federal Deposit Insurance Corp. annual survey. on deposits at branches on June 30.
Next were Wells Fargo Bank (15.08%), TD Bank (13.54%) and Bank of America (10.87%).
Across the state, the top three were Wells Fargo (18.59%), Bank of America (15.48%) and Truist (12.22%).
Still, Carmichael accepts the challenge because he says it offers a great opportunity. And Fifth Third has the means to make things happen.
As of June 30, Fifth Third had $ 203 billion in assets and operated 1,122 full-service banking centers and 2,456 Fifth Third brand ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia and North Carolina.
Fifth Third Bancorp reported a net profit of $ 581 million in the third quarter of 2020, compared to a net profit of $ 549 million in the same quarter last year.
He reported diluted earnings per share of 78 cents, compared to diluted earnings per share of 71 cents in the prior year period.
In addition, credit losses were well below previous expectations, with a net write-off rate of 0.35%, the lowest level since the second quarter of 2019.
“Our financial performance once again highlighted the strength of our franchise and our ability to navigate the current environment,” said Carmichael in his comment from the earnings CEO. “Our already strong levels of capital and liquidity improved even more in this quarter, and our credit performance was better than previous expectations, which indicates the strength of our balance sheet that will serve us well in this challenging environment.”
Fifth Third stuck its flag in Greenville with the opening of its commercial loan production office led by Charlie Arndt. He is well known among sports fans in the area as a player who has built one of the best careers of any goalkeeper in South Carolina Gamecock football history.
How did Fifth Third get its name?
In 1871, the Bank of the Ohio Valley was purchased by the Third National Bank. With the turn of the century, the union of the Third National Bank and the Fifth National Bank came together, and eventually the organization became known as the “Fifth Third Bank”.
Carmichael was appointed president in September 2012 and appointed to the board of directors in July 2015. He became CEO in November 2015 and was elected president in January 2018.
Prior to joining Fifth Third, Carmichael was vice president and chief information officer for Emerson Electric, a worldwide provider of technology and energy solutions. He has also worked in various information technology and leadership assignments at GE.
Around 1993-1996, he was CIO for GE Gas Turbine’s Greenville operations.
At Fifth Third, he is credited for technological innovation, stronger analysis and more centralized and consistent operations.
And now South Carolina is clearly coming into focus.
In Greenville, “this agency represents our growth in the Carolinas and the future of how we will engage with our customers,” said Tommy Lloyd, Fifth Third Bank senior vice president and retail executive for the Carolinas. “The agency’s project focuses on an open environment equipped with the latest technology aimed at providing personalized customer service to provide the best experience and advice for our clients.”
As part of a grand opening party at the Fifth Third Bank banking center in Greenville, Carmichael, along with representatives from local banks, delivered a check for $ 12,000 to Loaves & Fishes of Greenville.
Loaves & Fishes reduces hunger in Greenville County by rescuing food that would otherwise be wasted and delivering it to partner agencies for distribution to those in need.
Well done.