Misplaced Pages

#563436

18-883: The Lexington Challenger (previously known as the Kentucky Bank Tennis Championships and the Fifth Third Bank Tennis Championships ) is a professional tennis tournament played on outdoor hardcourts . It is currently part of the ATP Challenger Tour and the ITF Women's World Tennis Tour , and has been held annually at the Hilary J. Boone Tennis Complex in Lexington , Kentucky, since 1995 for men and since 1997 for women. The prize money offered at

36-581: A $ 50 million settlement was finalized. On March 9, 2020, the Consumer Financial Protection Bureau (CFPB) charged Fifth Third with illegal cross-selling; the suit was resolved in 2024 with the bank paying $ 20 million and taking remedial actions. A class action suit was filed on behalf of former MB Financial shareholders, alleging that the cross-selling strategy artificially inflated Fifth Third's stock price and thus MB Financial's shareholders were not honestly compensated when

54-450: A jury sided with Fifth Third in a lawsuit filed by customers of its Early Access loan program. The program charged a 10% flat fee. While Fifth Third listed an APR estimate of 120%, the actual APR would be higher if the loan was paid off early due to the fee structure. While the jury agreed Fifth Third breached its loan agreement, it also agreed that customers were fully aware of the fee and thus were not awarded any damages. On March 8, 2024,

72-490: Is a legend that "Fifth Third" was better than "Third Fifth", which could have been construed as a reference to three fifths of alcohol. The name went through several changes—the most recent being Fifth Third Union Trust Company —until March 24, 1969, when it was changed to Fifth Third Bank. In 1999, the bank acquired Emerald Financial for $ 204 million. In November 2008, the United States Department of

90-422: Is chief financial officer. And Daniel Lotano, former president of EverBright, as chief strategy officer. The company offers consumers access to a variety of residential lending products including mortgages, solar financing and home improvement loans. As of 2023, the company has loaned more than $ 23 billion to over 380,000 households upgrading to sustainable power across 50 states. The default rate on their loans

108-401: Is less than 1%. The company is an approved seller-servicer of both government sponsored entities, Fannie Mae and Freddie Mac , and has raised over $ 2.25 billion in funding for its consumer finance loans. As of 2024, dozens of litigation and arbitration cases are in process in which GoodLeap customers have alleged they were tricked into taking out onerous loans, were misled about the terms of

126-772: Is on the list of largest banks in the United States and is ranked 321st on the Fortune 500 . The name "Fifth Third" is derived from the names of the bank's two predecessor companies, Third National Bank and Fifth National Bank , which merged in 1909. On June 17, 1858, the Bank of the Ohio Valley , founded by William W. Scarborough, opened in Cincinnati, Ohio . On June 23, 1863, the Third National Bank

144-626: The Minnesota Attorney General filed suit against Fifth Third subsidiary Dividend Finance and three other lending companies ( GoodLeap , Sunlight Financial , and Solar Mosaic ), following an investigation that uncovered they charged Minnesotans $ 35 million in hidden fees on nearly 5,000 loans to finance sales of residential solar panels. The lawsuit alleges the lenders violated Minnesota state laws against deceptive trade practices, deceptive lending, and illegally high rates of interest. Fifth Third owns corporate naming rights to

162-620: The Treasury invested $ 3.4 billion in the company as part of the Troubled Asset Relief Program and in February 2011, the company repurchased the investment from the Treasury. In 2009, Fifth Third completed the corporate spin-off of Fifth Third Processing Solutions, which was acquired by Worldpay, Inc. in 2012. In May 2018, Fifth Third acquired MB Financial in a $ 4.7 billion transaction. In August 2020,

180-484: The bank signed a partnership with Trust & Will . In May 2022, Fifth Third acquired Dividend Finance, a San Francisco –based residential solar power lender. In May 2023, the bank acquired Rize Money. Also in May 2023, the bank acquired Big Data Healthcare. In December 2016, small business owners sued Fifth Third, along with Vantiv and National Processing Company, for violating telemarketing laws. On August 4, 2022,

198-716: The company had funded over $ 4.5 billion in solar loans and closed a securitization of $ 434 million worth of Loanpal loans in November 2020 and was responsible for 41% of the solar loan market in the U.S. and was the top solar lender in the country. In January 2021, Loanpal raised $ 800 million in a funding round led by New Enterprise Associates , West Cap Group, Brookfield Asset Management , and Riverstone Holdings . The company received an additional $ 800 million in funding from MSD Partners, BDT Capital Partners and Davidson Kempner in October 2021. Between January and October 2021

SECTION 10

#1732791357564

216-476: The company had raised a total of over $ 1 billion in funding. In June 2021, Loanpal rebranded to GoodLeap. Hayes Barnard is currently the Chairman and CEO. In December 2022, GoodLeap formed an advisory council made up of celebrities and business veterans, including Tony Gonzalez , Edward Norton , Shailene Woodley , and Jeff Immelt . As of December 2023 John Shrewsberry, former CFO of Wells Fargo ,

234-411: The company lends nationwide. In 2006, the founders launched an insurance company focused on auto and home insurance. After over ten years offering insurance services, the company sold its insurance company to Brown and Brown. In 2009, Paramount Solar was established. In 2013, Paramount Solar was sold to SolarCity (now Tesla Energy ) in a transaction valued at approximately $ 120 million. In 2011,

252-644: The company took on an equity investment from Guthy-Renker . In December 2017, Paramount began originating residential solar loans and later rebranded as Loanpal. In 2019, Loanpal announced a partnership with PenFed Credit Union . In 2019, Loanpal was responsible for 30% of all new residential loans in the U.S. In 2020, they launched their online platform. In June 2020, Goldman Sachs securitized $ 459 million worth of Loanpal loans they had previously purchased and expanded their warehouse facility to $ 300 million with Loanpal. Goldman Sachs also committed to buying $ 320 million in loans from Loanpal. By October 2020,

270-595: The following: Fifth Third Bank is a sponsor of the following: GoodLeap The company employs about 1,300 people. It has locations in Roseville , San Francisco , Irvine , Phoenix , Kansas City , and Bentonville, Arkansas . Paramount Equity Mortgage , founded in 2003 by Hayes Barnard, Jason Walker and Matt Dawson. The company was incorporated in California to provide residential mortgage loans. Although they launched in California's Sacramento Valley ,

288-630: The purchase occurred. The case was settled on September 14, 2023, with Fifth Third paying former MB Financial shareholders $ 5.5 million. In September 2015, the US Department of Justice and the Consumer Financial Protection Bureau announced an $ 18 million settlement to resolve allegations that Fifth Third Bank engaged in a pattern or practice of discrimination against African–American and Hispanic borrowers in its indirect auto lending business. On April 27, 2023,

306-707: The tournament is $ 50,000 for men and $ 60,000 for women (although in 1997–98 it was $ 25,000 for women). In 2020, the tournament was held as a once-off WTA Tour tournament. In 2022, it returned to the ITF Circuit. Fifth Third Bank Fifth Third Bank ( 5/3 Bank ), the principal subsidiary of Fifth Third Bancorp, is a bank holding company headquartered in Cincinnati, Ohio . Fifth Third operates 1,100 branches and 2,400 automated teller machines , which are in 11 states: Ohio , Florida , Georgia , Illinois , Indiana , Kentucky , Michigan , North Carolina , South Carolina , Tennessee , and West Virginia . It

324-470: Was organized. On April 29, 1871, Third National Bank acquired Bank of the Ohio Valley. In 1888, Queen City National Bank changed its name to Fifth National Bank. On June 1, 1908, Third National Bank and Fifth National Bank merged to become the Fifth–Third National Bank of Cincinnati; the hyphen was later dropped. The merger took place when prohibitionist ideas were gaining popularity, and it

#563436