Fifth Third Bank 2003 Annual Report Download - page 8

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Fifth Third Bank (Western Michigan) is led by Kevin T.
Kabat, a three-year Fifth Third veteran and former
executive at Old Kent Financial. The affiliate was formed
from the April 2001 purchase of Old Kent and
conversion to Fifth Third’s affiliate operating platform of
banking operations in Grand Rapids, Lansing,
Kalamazoo, and the Lakeshore areas of Western
Michigan. Today, the Western Michigan affiliate is the
second largest affiliate in the Fifth Third network and
comprises 12 percent of the Bancorp’s deposits and 10
percent of its total assets.
From a mature banking platform, our team in Western
Michigan has largely been focused on transforming the
deposit mix and improving sales production.
Demand deposits have increased by 57
percent since 2001 and interest checking
account balances have grown by over
26 percent. Core deposits have increased
by $1.1 billion since the conversion and
Transforming numbers from
a leading market share position
transaction deposits have increased by
$2.1 billion from a base of $3.7 billion in
the first quarter of 2001. As a result of the
growth they have been able to generate in
transaction deposits, the deposit mix today is proving
imminently more profitable.
The Western Michigan affiliate has undergone a
transformation marked by a focused and energetic sales
force that is producing among the best results in the
company. They have seen very strong growth in
consumer loan balances, electronic payment processing,
international banking and across the board improvement
in all deposit based service revenues. They are
continuing to grow their business and are aggressively
seeking more customers and deeper relationships
everyday.
18,899
Full-Time Employees
Kevin T. Kabat
President
Fifth Third Bank (Western Michigan)
FIFTH THIRD BANK (WESTERN MICHIGAN)
6