Cincinnati – Fifth Third Bancorp (NASDAQ: FITB), in conjunction with the U.S. Treasury, has announced that it extended $6.2 billion in loans in the month of July.
“Given the continued economic uncertainly, many companies are scaling back plans for capital expenditures and are reducing inventory levels – actions that have lowered the need for financing,” said Kevin T. Kabat, chairman, president and CEO of Fifth Third Bancorp. “Even with that in mind, Fifth Third Bank made $6. billion in loans to qualified borrowers in July 2.”
Some highlights include:
- Mortgage loan originations totaled $2.1 billion, driven by $1.6 billion of refinancing activity and over $550 million of new home purchases.
- More than $148 million of home equity lines of credit were extended during the month.
- New credit card extensions decreased from $168 million in June to $102 million in July.
- A total of $265 million of small business loans were originated, an area where demand has remained relatively stable throughout 2009.
- Overall, average total commercial loan and lease balances were up over $700 million, or 1.5 percent in July.
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