As the region’s largest locally based bank, Fifth Third Bank has long been a barometer of bank health in Cincinnati, and in recent months the company set the tone for ambitious growth and fresh leadership. Dan Feldmann was promoted to Cincinnati region president in July to replace Tim Elsbrock, a company veteran who shifted to a new position as region vice chairman in Cincinnati. Feldmann, a Fifth Third employee of nearly 25 years, will oversee the strategic growth of commercial banking, wealth and asset management, and commercial payments businesses across the Cincinnati and Northern Kentucky region as well as in Dayton, Ohio.
Fifth Third also recently acquired DTS Connex, a fintech company that will help expand the bank’s commercial payments capabilities. The Maryland-based acquisition provides cash management software for businesses with multiple locations, such as retail chains and health care providers. Processing $17 trillion in payments last year, Fifth Third is the nation’s sixth-largest commercial payments provider, processing cash payments for more than 35,000 businesses.
After this issue went to press, Fifth Third announced the acquisition of Dallas-based Comerica in a deal that will make Fifth Third the ninth largest U.S. bank. Look for coverage of the deal in the next issue of Realm.
In other activity that appears to forecast economic stability for the foreseeable future, First Financial Bank is acquiring BankFinancial for $148 million to triple its Chicago area retail presence to 26 locations. The deal added $1.4 billion in assets to First Financial and expands the bank’s branch footprint in Cook County, home to Chicago proper, as well as DuPage, Lake, and Will counties. Once finalized, the deal will aim to grow commercial business primarily in the middle-market business lending space as well as home equity lending.
First Financial has also expanded in Northeast Ohio with the acquisition of Westfield Bancorp for $325 million, with pending regulatory approval expected to be completed in the fourth quarter of this year. The bank has made a concerted effort in the past two years to grow its commercial and wealth management presence in that part of the state, opening a regional headquarters in downtown Cleveland in June 2024. The acquisition will establish the first First Financial retail branches in the Cleveland/Akron market. Westfield’s seven branch locations will remain change their names to First Financial.
Branch names weren’t the only local changes in the past few months, though. Steve Mullinger left his role of regional president at Huntington National Bank, the region’s fifth-largest bank, and joined Truist Bank as its Ohio market president. Billy Santos remains Truist’s Cincinnati market president.
Jim Danneman was announced as regional president for Huntington’s Southern Ohio/Kentucky region on October 3. He most recently led the Middle Market banking team for Fifth Third’s Cincinnati region.
[Illustration by Kotryna Zukauskaite]