Fifth Third Bancorp has consolidated its remaining bank charters into one.
The Cincinnati company dumped a Michigan charter that had been used by its $50.9 billion-asset bank operating there and a national charter for a $6.9 billion-asset subsidiary in Tennessee, consolidating them into the Ohio charter of its lead $64.6 billion-asset subsidiary.
Ohio banking regulators and the Federal Reserve Board will oversee the combined charter, and Fifth Third will no longer additionally report to the Office of the Comptroller of the Currency or to Michigan regulators.
"The charter consolidation simplifies reporting and makes it more cost effective and efficient," a spokeswoman said.
