A rumor broke yesterday that Fifth Third Bancorp of Cincinnati (ticker symbol: FITB) has become a takeover target after CEO George Schaeffer has managed to halve its stock value over the past three years since the trouble-plagued acquisition of our very own Old Kent Bank & Trust. Scuttlebutt has it that U.S. Bancorp of Minneapolis and Wells Fargo & Co. of San Francisco are in the market. On the news Fifth Third's stock bounced up a couple of bucks. Who knows, with good management the big bank from Cincinnati may very well be a bargain.
For those visiting about website for the first time looking for news behind all of the takeover speculation, here are links to some previous articles we ran on Fifth Third:
FIFTH THIRD CFO TAKES THE FALL - Why Fifth Third's new CFO isn't responsible for Schaeffer's mismanagement of the bank.
A BANK JOB, INDEED - The chain of events that followed from our report to the feds on the shenanigans involved in Fifth Third's acquisition of Old Kent.
DID FIFTH THIRD ABET ILLEGAL DUMPING SCHEME? - How Fifth Third/Old Kent cooperated with its development company to facilitate the illegal removal of contaminated soil from an urban brownfield.
THE FIXER, PART IV (PYRAMID DUST) - The background on how Old Kent got sold out to Fifth Third on the cheap.
All of our stories on Fifth Third can be found under the category "Banks". If you have any news for us regarding Fifth Third, feel free to post comments to the relevant article or e-mail us at firstname.lastname@example.org. Thanks.