Fifth Third Bank 2007 Annual Report Download - page 10
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Please find page 10 of the 2007 Fifth Third Bank annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.Geographic Diversification
In2008,FifthThirdwillcelebrateits
150thanniversary.Throughoutmost
ofourhistory,wewereaMidwestern
bank.SinceouroriginsastheBank
oftheOhioValleyin1858,we’vehad
ourheadquartersinCincinnatiand,as
recentlyas2004,wedidnothavea
sizeablepresenceoutsideoftheMidwest.
Todiversifyourgeographicpositionand
toaccesshighergrowthmarkets,Fifth
Thirdbeganactivelydiversifying
itsfootprintseveralyearsago.
Uponconsummationofourpending
acquisition,weexpecttohavemorethan
150bankingcentersinFlorida,more
than60inNorthCarolina,morethan
30inTennesseeandveinGeorgia.
Approximately24percentofour
bankingcenterswillbeintheSoutheast,
whichisquiteachangefromjusta
shortwhileago.
Addingtoourinvestmentinthestrong
andgrowingChicagomarket,weexpect
tohave38percentofourbanking
centersinhigh-growthmarketsentering
2008,comparedwithjust23percentin
2004.Justaddingtoourexistingpipeline
ofnewbankingcentersoverthenext
threeyearswouldleadtoacompany
with43percentofourbankingcentersin
thosehighergrowthmarkets.
Theweightedaveragepopulation
growthrateforourfootprintisnow
approximatelyequaltothenational
average,whereasthreeyearsagoitwas
abouthalfofthat.Thishasenormous
implicationsfortheorganicgrowth
prospectsofourCompanyinthefuture
and,whencoupledwithourexpertiseat
openingnewbankingcenters,offersalot
ofopportunity.
Weusesophisticatedsoftwareprograms
thatenableustopinpointlocations
markets
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