Fifth Third Bank Announces Acquisition of The Retirement Corporation of America
20 January 2017 - 2:08AM
Business Wire
Fifth Third Bank (Nasdaq: FITB) today announced it has entered
into an agreement to acquire The Retirement Corporation of America,
a registered investment adviser. The Cincinnati-based company
provides retirement education and planning as well as investment
management solutions geared toward the needs of retirees. The
transaction is subject to regulatory approval and is expected to
close in April.
According to a national survey conducted by Fifth Third last
year, nearly half of Americans have serious concerns that they may
outlive their money in retirement.
“Consistent with the feedback we have received from clients, we
are committed to providing innovative solutions that help our
clients prepare for retirement,” said Phil McHugh, executive vice
president and head of Wealth and Asset Management at Fifth Third.
“The Retirement Corporation of America’s mission to provide their
clients with the opportunity to achieve financial independence
during the ‘non-working’ years of their life is a natural
complement to Fifth Third.”
Fifth Third has been a leader in delivering financial
empowerment programming to individuals at all ages and stages of
life through its own signature programming as well as key
sponsorships in its markets. The acquisition of The Retirement
Corporation of America builds upon that commitment by reinforcing
the importance of planning for retirement through compelling
education platforms, lifestyle focused events and investment
programs designed to help maximize post-retirement income.
“We are thrilled to be joining forces with Fifth Third Bank to
scale our platform and reach more individuals,” said Daniel Kiley,
chief executive officer, The Retirement Corporation of America. “We
are equally excited about the opportunity to offer additional
solutions to our clients to help them reach their financial
goals.”
The Retirement Corporation of America traces its roots back to
1984 when the original advisory firm was founded by Dan Kiley and
his father, Tom Kiley. From the very beginning, their vision was
focused on helping client families “retire right.”
About Fifth Third
Fifth Third Bancorp is a diversified financial services company
headquartered in Cincinnati, Ohio. As of Sept. 30, 2016, the
Company had $143 billion in assets and operated 1,191 full-service
Banking Centers, including 94 Bank Mart® locations, most open seven
days a week, inside select grocery stores and 2,497 ATMs in Ohio,
Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West
Virginia, Georgia and North Carolina. Fifth Third operates four
main businesses: Commercial Banking, Branch Banking, Consumer
Lending, and Wealth & Asset Management. Fifth Third also has an
18.3 percent interest in Vantiv Holding, LLC. Fifth Third is among
the largest money managers in the Midwest and, as of Sept. 30,
2016, had $314 billion in assets under care, of which it managed
$27 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® Global Select Market under the symbol “FITB.” Fifth Third
Bank was established in 1858.
Fifth Third Bancorp provides access to investments and
investment services through various subsidiaries. Investments and
Investment Services:
Are Not FDIC Insured Offer No Bank
Guarantee May Lose Value Are Not
Insured by Any Federal Government Agency
Are Not A Deposit
Copyright © 2017. Fifth Third Bank, Member FDIC, Equal Housing
Lender, All Rights Reserved.
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Fifth Third BankSean Parker, 513-534-6791Sean.parker2@53.com
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