3 min read March 2024 — Lee Fite, regional president at Fifth Third Bank, talked to Invest: about the growth the bank has experienced in North and South Carolina, its investments in developing a branch network, and hiring talent in the Research Triangle. Fite also discussed the importance of employing local bankers who know the needs and wants of the community and are interested in seeing it thrive.
How does Fifth Third Bank support the dynamism of the Research Triangle?
The Triangle continues to be a leader in growth in North Carolina and our bank will continue to make significant investments in people and infrastructure to support the expansion of the Triangle region. We are keenly focused on supporting the opportunities that business owners have for growth here and ensuring that our bankers have the experience and resources to help customers achieve their objectives. By continuing to invest in branches, local technology initiatives, and continuing to expand our Raleigh-based local headquarters, our team is helping drive success for many people who call the Triangle home.
What are the key differentiators that Fifth Third Bank offers to the banking market in the Triangle?
The Triangle is a critical market for our company. We are building more branches here than any other bank and continuing to invest in the infrastructure that allows us to provide superior options for our clients including payment solutions, business and family planning, and easy access for our clients. Whenever possible, we want to hire locally to allow our clients the best in both personal and technological service. Our understanding of the need to invest in exciting new capabilities as well as the commitment to personal local relationships that clients want is what differentiates us from just about anybody else.
What is the strategy of Fifth Third Bank to maintain its regional presence and compete with larger national institutions?
We are one of the largest banks in the United States, with a history of over 165 years. We understand the importance of size and scale but, many times decisions are made at a more immediate and local level. Therefore, our bank has always invested in a regional approach, and for us here in the Carolinas, that means having leaders in markets like the Triangle. In my experience, it is rare to have an opportunity to build a business from the ground up, but that is exactly what we have done in the Triangle. I also believe that experience has helped us better understand the dreamers and visionaries who are striving to build something new and different. Being a part of a company with a rich history like ours has helped me to understand the importance of innovation and partnership and how we can share that with our customers. That is what our bank is all about and I don’t believe that many institutions can garner the resources and ideas at a local level like Fifth Third does. Being a national institution allows us to invest and innovate, but having a regional focus means we have a chance to make a difference neighborhood by neighborhood.
What is the strategy of Fifth Third Bank to navigate the challenges in the banking sector?
Over this past year, there have been many questions about bank safety and soundness. As with any industry, there are strong companies and some who have challenges. Our approach has been simple: build the best bank possible for the long haul and make prudent decisions that hopefully ensure that our bank will be around for the next 165 years. We believe a conservative approach is the best approach in our business and we have worked hard to earn the accolades currently being shared about the strength of our organization. We have built our business by sticking to simple strategies that support our primary areas of focus and that is why we are in a position to grow and serve our customers today.
What policies or regulations are you keeping an eye on that could impact the banking industry over the next two to three years?
Many factors are influencing the banking industry over the coming years. Technology, non-traditional competition, increasing capital requirements, and other regulatory policies are only a few that receive attention. As a company, we work hard to make sure that we are well positioned to protect the interests of our customers and shareholders and to be in a position to contribute to the vitality of our communities. Overall, the relationship between regulators and banks is fundamentally strong and I believe we are well aligned in terms of having a strong bank that protects its customers and communities. Our long-term perspective has helped position us very favorably for coming changes and challenges as we remain focused on being a stable long-term banking partner.
What products within Fifth Third Bank’s portfolio have you seen grow in demand in the past year?
Demand in the Carolinas is up across the board, particularly in the Triangle. We have witnessed a surge in personal banking services, demonstrated by consumer household growth that is three times the industry average. Fifth Third Bank has focused on providing a simplified product offering that takes advantage of both our in-person and digital capabilities to provide customers with access to advice and solutions around the clock. We are doing the same on the commercial side by investing heavily in capabilities focused on the needs of commercial and corporate customers.
With higher interest rates, a slowdown in mortgages and other housing-related services could normally be expected. However, the continued expansion of business and personal relocations into the Triangle has been a net positive for the region.
What are the top priorities of Fifth Third Bank for the next two to three years?
The United States has the most resilient economy in the world so I tend to be optimistic about where we are headed. We are in the middle of a resurgence with respect to American manufacturing, which is particularly important for North Carolina given its robust manufacturing history. In addition, the Triangle is a leader in the U.S. in terms of intellectual capital and technological development. For those reasons, we will continue to add to our Carolinas network with specific focus on technology, the evolution of U.S. manufacturing, and supporting the booming population growth throughout the Carolinas.
At Fifth Third Bank we aim to provide targeted expertise to help customer and community leaders make informed decisions. We will utilize our experience and investments in technology to ensure our clients are empowered to make their financial decisions, and you can count on us to continue to serve the Triangle with integrity and purpose.
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