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Local Business Leaders Named To Fifth Third Bancorp Board
GRAND RAPIDS — Fifth Third Bancorp has appointed three local business and community leaders to its 22-member board of directors in Cincinnati.
The three local members of board are: James Hackett, president and CEO of Steelcase Inc; Hendrick Meijer, co-chairman of Meijer Inc.; and David Wagner, chairman of Fifth Third Bank, Michigan.
Hackett, Meijer and Wagner will each hold a seat on the board for a three-year term, effective last Tuesday.
The appointments mean the opinions and interests of western Michigan will be represented in Cincinnati, said Peggy Janei, corporate communications manager for Fifth Third Bank, Western Michigan.
“The appointments are highly unusual and very significant for West Michigan in that the current directors on the Fifth Third board are all from Cincinnati,” she said. “This is the first time they have appointed anyone outside of Ohio to be on their board. It just again shows the important strategic significance of the Fifth Third-Old Kent merger.”
Wagner, former chairman, CEO and president of Old Kent Financial Corporation, said having three people from this region serving on the Fifth Third holding company board is “a very strong statement by Fifth Third about the importance of the Old Kent franchise and West Michigan community.”
Also Tuesday, Fifth Third announced appointments to the Fifth Third Bank, Western Michigan, board of directors. The western Michigan board is made up of a dozen business and community leaders from Grand Rapids, Kalamazoo, Lansing and Cleveland.
The following individuals have agreed to serve on the board:
- William Crawford, former president and CEO of Steelcase Design Partnership
- Dick DeVos, president of Alticor, Inc.
- Erina Hanka, former president of Suspa Inc.
- Michael Jandernoa, chairman of the board of Perrigo Company
- Kevin Kabat, president of Fifth Third Bank, Western Michigan
- Fred Keller, chairman and CEO of Cascade Engineering Inc.
- Robert King, president and CEO of Fifth Third Bank, Northeastern Ohio
- Percy Pierre, professor of Electrical Engineering at Michigan State University
- Marilyn Schlack, president of Kalamazoo Valley Community College
- Peter Secchia, chairman of the board of Universal Forest Products, Inc.
- David Wagner, chairman of Fifth Third Bank, Michigan
- Margaret Sellers Walker, professor of Public Administration at Grand Valley State University’s School of Public and Nonprofit Administration
The Old Kent acquisition, completed on April 2, added 1.2 million customers to Fifth Third, which now serves more than 16 million customers in Michigan and Illinois.
As a result of the acquisition, Fifth Third ranks fourth in the state of Michigan with a 9 percent market share, and sixth in Chicago. The company has $70 billion in assets and 17 affiliates with 974 full service banking centers and nearly 2,000 ATMs in Michigan, Illinois, Ohio, Kentucky, Indiana, Florida and Arizona.
Fifth Third recently completed conversion of the Old Kent locations in Ft. Wayne, Ind. and Chicago and will complete conversion of Old Kent locations in Detroit, Traverse City and Grand Rapids over the next three months, according to the company.
In related news, Fifth Third Bancorp declared a cash dividend of 20 cents per share on its common stock, marking the company’s 103rd consecutive quarterly cash dividend. The dividend is payable July 16 to shareholders of record as of June 29.