Fifth Third marks 168 years of banking and payments innovation

Fifth Third Bank is celebrating its 168th anniversary at a moment of significant transformation for the institution and the broader U.S. banking industry. The Cincinnati-based bank, founded in 1858, recently marked the milestone by ringing the Opening Bell at the New York Stock Exchange following the transfer of its publicly traded securities and the completion of its merger with Comerica earlier this year. The combined company now ranks as the ninth-largest bank in the United States, with approximately $300 billion in assets.

For much of its history, Fifth Third has played an influential role in the evolution of payments and banking technology. The bank traces its roots to predecessor institution Third National, which opened during the Civil War under one of the first 20 national bank charters issued following the National Bank Act of 1863.

Early technology bets helped shape modern banking

Among its most notable contributions to modern banking came in 1977 with the launch of JEANIE, described by the bank as the nation’s first shared online ATM network. Introduced from Fifth Third’s headquarters on Cincinnati’s Fountain Square, the network processed more than 1 million transactions within its first six months.

The system helped accelerate consumer adoption of self-service banking at a time when ATM technology was still emerging nationally. Today, the JEANIE name lives on through Fifth Third’s AI-powered virtual assistant, which the bank said now handles approximately 350,000 customer conversations each month.

The bank also was an early innovator in electronic banking infrastructure. During the early 1960s, Fifth Third became one of the first U.S. banks to transition manual accounting operations to computerized systems. In the 1980s, it pioneered seven-day-a-week BankMart banking locations inside grocery stores, helping expand consumer access to retail banking services.

Merger with Comerica expands payments reach and scale

In more recent years, Fifth Third has expanded aggressively into commercial payments, treasury management and real-time payments. The bank said it now processes approximately $25 trillion in annual payments volume and ranks fourth among U.S. banks in real-time payments activity. Fifth Third participates in The Clearing House RTP network and has continued investing in instant payment infrastructure and embedded payments capabilities for businesses and fintechs

“The name on the door has been the same since 1908, but today’s Fifth Third is a very different bank,” Chairman, CEO and President Tim Spence said in a statement. “Today, we power daily commerce and meet the evolving needs of customers across our communities.”

The merger with Comerica adds another layer to that payments history. Fifth Third noted that both institutions independently developed early cash-dispensing machines in the early 1970s, years before shared ATM networks became mainstream. Fifth Third’s machine was called Teller 24, while a Comerica predecessor, Detroit Bank & Trust, developed the Ultra/Matic 24.

Beyond payments innovation, the bank highlighted milestones ranging from establishing one of the nation’s first corporate foundations in 1948 to recent digital banking initiatives such as early direct deposit access, digital direct deposit switching and AI-enabled banking services.

As the United States approaches its 250th anniversary next month, Fifth Third said it views its own anniversary as a reflection of its long-standing role in supporting commerce, consumer banking and financial innovation across generations.

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