Brandon Lee
Fifth Third Bank is a bank holding company that operates across 12 US states and is ranked among the country's largest banks. Santander is a bank with locations in Chicago, Fort Myers, and Woburn. There is evidence of a working relationship between the two banks, with some customers reporting that their loans with Fifth Third Bank were serviced by Santander. However, it is unclear whether this relationship indicates any formal affiliation or ownership between the two institutions.
| Characteristics | Values |
|---|---|
| Nature of Relationship | Santander services auto loans acquired from Fifth Third Bank |
| Location | Santander Bank: Fort Myers, FL, Chicago, IL; Fifth Third Bank: 12 states including Ohio, Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, South Carolina, Tennessee, Alabama, and West Virginia |
| Recent Acquisitions | Fifth Third Bank acquired MB Financial, Dividend Finance, Rize Money, and Big Data Healthcare |
| Recent Lawsuits | Fifth Third Bank has been charged with illegal cross-selling and breaching its Early Access loan program |
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What You'll Learn
Fifth Third Bank's name is derived from its predecessor companies
Fifth Third Bank, also known as 5/3 Bank, is a well-known financial institution in the United States. The unique name "Fifth Third" has an interesting history and is derived from the merger of two predecessor companies, Third National Bank and Fifth National Bank, in 1908 (although one source states 1909).
The story of the name begins with the establishment of the Bank of the Ohio Valley in Cincinnati, Ohio, in 1858. Over time, this bank evolved and changed hands, eventually becoming the Third National Bank in 1863. In parallel, another financial institution was making its mark in the region. Queen City National Bank, founded earlier, changed its name to Fifth National Bank in 1888.
These two banks, the Third National Bank and the Fifth National Bank, played significant roles in the financial landscape of the time. On June 1, 1908, they merged, creating the Fifth–Third National Bank of Cincinnati. The decision to place "Fifth" before "Third" was not arbitrary. Legend has it that this ordering was chosen over "Third Fifth" to avoid any association with three-fifths of alcohol, as prohibitionist ideas were gaining traction at the time.
Over the years, the name underwent several iterations, including the Fifth Third National Bank of Cincinnati and the Fifth Third Union Trust Company. Finally, on March 24, 1969, the name was simplified to Fifth Third Bank, the name by which it is known today. This name change reflected the institution's evolution and solidified its place as one of the largest banks in the United States.
Fifth Third Bancorp, the parent company of Fifth Third Bank, is headquartered in Cincinnati, Ohio. With a network of over 1,100 branches and 2,400 automated teller machines across 12 states, Fifth Third Bank has firmly established itself as a prominent financial institution in the country.
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Santander services auto loans for Fifth Third Bank
Santander Consumer USA is one of the leading finance providers for consumers looking to purchase pre-owned vehicles through a dealership. They help thousands of consumers finance new vehicles every day, offering a wide range of credit profiles and dealer partnerships nationwide.
In 2014, several customers reported that they had obtained auto loans through Fifth Third Bank, only to be informed that their loans would be serviced by Santander, although financed and funded by Fifth Third. This arrangement seemed to be common, as many customers reported receiving the same treatment. It was speculated that Fifth Third Bank had a pass-through agreement with Santander, where loan applications that did not meet Fifth Third's criteria were automatically passed through to Santander's subprime portal.
Fifth Third Bank is a bank holding company headquartered in Cincinnati, Ohio, and is the parent company of Fifth Third Bank, which operates 1,100 branches and 2,400 automated teller machines across 12 states. It is one of the largest banks in the United States and is ranked 321st on the Fortune 500.
Santander, on the other hand, offers a range of tools and resources to its customers, including the MyAccount tool, Auto Pay payment options, and a Learning Center. They also provide insurance products and services through Insurify Insurance Agency, Inc., although these are not offered by Santander Consumer USA or its affiliates.
In summary, Santander does appear to service auto loans for Fifth Third Bank, and this arrangement may be due to a pass-through agreement between the two financial institutions.
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Fifth Third Bank is ranked among the largest banks in the US
Fifth Third Bank is indeed ranked among the largest banks in the US. It is the product of a merger between two predecessor companies, Third National Bank and Fifth National Bank, in 1908. The name "Fifth Third" is derived from these two banks, and the hyphen in "Fifth–Third National Bank of Cincinnati" was later dropped. Fifth Third Bancorp, the bank holding company headquartered in Cincinnati, Ohio, is the parent company of Fifth Third Bank.
Fifth Third Bank has a significant presence across the United States, with 1,100 branches and 2,400 automated teller machines (ATMs) in 12 states: Ohio, Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, South Carolina, Tennessee, Alabama, and West Virginia. It also has a strong ATM network with thousands of machines nationwide, including those in the MoneyPass network. The bank has been recognised for its mobile banking app experience, ranking highly in a J.D. Power survey in 2025.
In terms of financial standing, Fifth Third Bank is ranked 321st on the Fortune 500 list. According to NerdWallet, the bank holds approximately $211.78 billion in assets, placing it among the 20 largest banks in the US. This ranking is supported by its position in domestic assets and the number of branches it operates.
Fifth Third Bank has a history of acquisitions and partnerships, including the acquisition of Emerald Financial in 1999, MB Financial in 2018, and Dividend Finance in 2022. The bank has also received investments from the United States Department of the Treasury and has partnerships with various sports teams and educational institutions, such as the Cincinnati Bengals, the Los Angeles Lakers, and the University of Cincinnati.
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Fifth Third Bank has been involved in several lawsuits
In March 2020, the CFPB charged Fifth Third Bank with illegal cross-selling and opening fake customer accounts. The bank was accused of using a "cross-sell" strategy to increase the number of products and services provided to existing customers. This resulted in a $20 million penalty, with $5 million for sales practices and $15 million for auto finance servicing activities, as well as a ban on setting sales goals that incentivize employees to open accounts fraudulently.
Additionally, Fifth Third Bank has faced legal issues related to wrongful repossessions. The CFPB found that the bank wrongfully triggered auto repossessions by demanding borrowers pay for unnecessary coverage or face delinquency, additional fees, and repossessions. This resulted in approximately 1,000 cars being repossessed. The bank was ordered to pay redress to harmed consumers, including those who had their vehicles repossessed.
In a separate case, a class-action lawsuit was filed by former MB Financial shareholders, alleging that Fifth Third Bank's cross-selling strategy artificially inflated its stock price, resulting in unfair compensation for MB Financial shareholders during the acquisition. This case was settled in September 2023, with Fifth Third paying $5.5 million to the shareholders.
Furthermore, in December 2016, small business owners sued Fifth Third Bank, along with Vantiv and National Processing Company, for violating telemarketing laws. While the outcome of this particular lawsuit is not mentioned, Fifth Third Bank's involvement in multiple legal proceedings highlights potential ethical concerns and a pattern of questionable practices.
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Santander Bank has branches in Chicago and Fort Myers
Santander Bank has over 2000 branches and ATMs across the Northeastern United States, including states like Ohio, Florida, Georgia, Illinois, and Indiana. The bank offers a range of services, including checking and savings accounts, online banking, and business banking.
One of the states in which Santander Bank has a presence is Illinois, where Chicago is located. While I cannot find specific information about Santander Bank branches in Chicago, it is likely that there are branches or ATMs available in the city, given its size and status as a major financial hub in the Midwest.
In terms of Fort Myers, Florida, there are mentions of Santander Bank in this location, with some customers expressing satisfaction with the bank's services in the area. However, it is not specified whether these services are provided through physical branches or purely through online means.
Fifth Third Bank, on the other hand, has a significant presence in both Chicago and Fort Myers. With over 1,100 branches and 2,400 ATMs across 12 states, including Illinois and Florida, it is likely that Fifth Third Bank has multiple branches in Chicago and Fort Myers.
There appears to be some connection between Santander and Fifth Third Bank, as some customers have mentioned that their auto loans from Fifth Third Bank were serviced through Santander. However, the exact nature of the relationship between the two banks is not clear. It seems that Fifth Third Bank may sell auto loans to Santander, but the specifics of this arrangement are not publicly available.
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Frequently asked questions
Yes, Fifth Third Bank and Santander are related in the sense that Fifth Third Bank sells auto loans to Santander.
Fifth Third Bancorp is a bank holding company headquartered in Cincinnati, Ohio. It is the parent company of Fifth Third Bank, which operates 1,100 branches and 2,400 automated teller machines across 12 states in the US.
Santander Bank is a financial institution that offers a range of banking services, including auto loans. It has branches in various locations, including Chicago, Illinois, and Fort Myers, Florida.
When an auto loan application does not meet Fifth Third Bank's normal criteria, the application may be passed to Santander via a subprime portal. Santander then services the loan, while Fifth Third Bank provides the financing and funding.
