10-KPeriod: FY2002

FIFTH THIRD BANCORP Annual Report, Year Ended Dec 31, 2002

Filed March 27, 2003For Securities:FITBFITBOFITBPFITB-PIFITB-PMFITB-PAFITBIFITB-PK

Summary

Fifth Third Bancorp (FITB) presents its 2002 Form 10-K, detailing its operations as a diversified financial services company. The company's primary activities include commercial, retail, and trust banking, along with electronic payment processing and investment advisory services, operating through a network of subsidiaries across multiple states. As of December 31, 2002, Fifth Third Bancorp reported substantial consolidated total assets of approximately $80.9 billion, deposits of $52.2 billion, and shareholders' equity of $8.5 billion. The report highlights the company's growth strategy, which includes both organic expansion and strategic acquisitions, noting an agreement to acquire Franklin Financial Corporation. Investors should be aware of the company's engagement with regulatory bodies, including a written agreement with the Federal Reserve Bank of Cleveland and the State of Ohio Division of Financial Institutions concerning operational and control matters, as well as an informal investigation by the SEC regarding financial controls in its Treasury and Trust operations. While management believes it has substantial defenses and is cooperating with investigations, these matters present potential risks.

Key Highlights

  • 1Fifth Third Bancorp reported consolidated total assets of $80.9 billion, deposits of $52.2 billion, and shareholders' equity of $8.5 billion as of December 31, 2002.
  • 2The company is pursuing a growth strategy that includes both strengthening its presence in core markets and expanding through acquisitions, with an agreement to acquire Franklin Financial Corporation for approximately $270 million.
  • 3Fifth Third Bancorp is subject to a written agreement with the Federal Reserve Bank of Cleveland and the State of Ohio Division of Financial Institutions to address operational and control deficiencies.
  • 4The company is cooperating with an informal SEC investigation into financial control weaknesses in its Treasury and/or Trust operations.
  • 5As of December 31, 2002, Fifth Third Bancorp had 20,569 employees across its subsidiaries.
  • 6The company's financial performance in 2002 showed a Return on Average Assets of 2.18% and a Return on Average Equity of 19.9%, with a dividend payout ratio of 35.5%.

Frequently Asked Questions

Fifth Third Bancorp is a diversified financial services company primarily engaged in commercial, retail, and trust banking, along with electronic payment processing services and investment advisory services through its various subsidiaries.

As of December 31, 2002, Fifth Third Bancorp reported consolidated total assets of approximately $80.9 billion, consolidated total deposits of approximately $52.2 billion, and consolidated total shareholders’ equity of approximately $8.5 billion.

Yes, Fifth Third Bancorp and Fifth Third Bank have entered into a Written Agreement with the Federal Reserve Bank of Cleveland and the State of Ohio Department of Commerce, Division of Financial Institutions, addressing operational and control matters. Additionally, the SEC is conducting an informal investigation into the company's financial controls in its Treasury and/or Trust operations.

The company's growth strategy involves strengthening its presence in core markets, expanding into contiguous markets, and broadening its product offerings. This includes pursuing strategic acquisition opportunities, such as the agreement to acquire Franklin Financial Corporation.