Fifth Third Bancorp Under Investigation by the SEC
In an annual report filed Feb. 28, Fifth Third Bancorp announced that the company is under investigation by the SEC and has received subpoenas for information (“Fifth Third discloses SEC subpoena,” Business Courier, March 1, 2011).
The company wrote in the report that the SEC’s information requests “relate to accounting and reporting matters involving certain of its [Fifth Third’s] commercial loans.”
Fifth Third, a diversified financial services company based in Cincinnati, Ohio, operates four main businesses: consumer lending, commercial banking, branch banking, and investment advising. As of Dec. 31, 2010, the company had $111 billion in assets. Its managed assets were $266 billion, which makes Fifth Third one of the largest money managers in the Midwest.
According to some reports, including the WSJ, Monday night’s after-hours selloff of Fifth Third shares was likely related to the announcement.
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