Fifth Third Bancorp boosts lending in September

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Fifth Third Bancorp, the largest bank in the Dayton area, extended $6 billion in loans in September.

For Cincinnati-based Fifth Third, that’s an increase over August, when the bank extended $5.1 billion in loans.

Loans to small businesses increased more than 60 percent from August. In September, Fifth Third (NASDAQ: FITB) lent $393 million to small businesses, up from $245 million in August.

New commercial and industrial commitments increased to $846 million, up from $780 million in August. Total mortgage loan originations hit $1.4 billion in September. Refinancing accounted for the majority of the originations, more than $900 million of refinancing activity. Nearly $500 million of the mortgage originations were for new home purchases.

Also, new credit card extensions increased, from $107 million in August to $124 million in September.

Kevin Kabat, chairman, president and chief executive officer of Fifth Third, said overall loan demand remains soft.

Like other banks that participated in the federal government’s Troubled Asset Relief Program, Fifth Third is required to report its lending activity to the Treasury Department.

Fifth Third is the largest bank in the Dayton area, with $4.32 billion in local deposits and nearly 60 banking centers. It has 16 affiliates with about 1,300 banking centers and more than 2,300 ATMs in Ohio, Kentucky, Indiana, Georgia, North Carolina, Michigan, Illinois, Florida, Tennessee, West Virginia, Pennsylvania, and Missouri.

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