Fifth Third Bancorp (FITB) in Cincinnati has named a veteran banker to serve as its chief risk and credit officer.
The $121 billion-asset company said in a press release Monday that Frank Forrest would take over the positions in September. He will succeed Paul Reynolds, who is expected to retire as Fifth Third's chief risk officer at the end of the year.
Forrest joins Fifth Third from Bank of America (BAC), where he recently was responsibly for quality control for the Charlotte, N.C., company's portfolio of troubled mortgage loans. He held a series of senior posts in risk management and global debt products over the course of a decade at B of A.
Forrest, who also served for nine years as an examiner with the Office of the Comptroller of the Currency, will also fill an open chief credit officer post. He will report to Fifth Third Chief Executive Kevin Kabat.
Forrest's experience and "breadth of knowledge in the banking industry will help us continue to deepen our risk management disciplines," Kabat said in the release. Kabat added that Reynolds' "many contributions to Fifth Third in a variety of roles, and his counsel to me over the years have been of immense value" to the company.