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History Fifth Third Bank's history can be traced back to June 17, 1858, when the Bank of the Ohio Valley opened in Cincinnati. The Third National Bank organized five years later, on June 23, 1863, and on April 29, 1871, the younger bank acquired the older one, beginning a 130-year history of banking acquisitions and mergers, with numerous smaller banks being absorbed and renamed. Name Fifth Third's unusual name is the result of the June 1, 1908 merger of two banks, The Fifth National Bank and The Third National Bank, to become The Fifth Third National Bank of Cincinnati. Because the merger took place during a period when prohibitionist ideas were gaining popularity, it was believed that "Fifth Third" was better than "Third Fifth," which could be construed as a reference to three "fifths" of alcohol. The name went through several changes over the years, until on March 24, 1969, the name was changed to Fifth Third Bank. Fifth Third in the news In January 2007, the New York Times published an article "Data Breach Could Affect Millions". "Yesterday, Fifth Third Bank of Cincinnati was identified as the sponsoring bank that handles TJX’s accounts, which makes it responsible for ensuring that the retailer met the industry’s data security standards." It was later found that potentially 45.7 million credit card numbers were compromised. This, from the Associated Press, "TJX says its computer systems were first breached in July 2005 by a hacker or hackers who accessed information from customer transactions dating to January 2003. TJX says it didn’t find out about the breach until about three months ago.....The filing also says, “We believe that the intruder had access to the decryption tool for the encryption software utilized by TJX.” Use by phishing scams Fifth Third Bank's brand, name and logo have been frequently exploited by phishing scam emails. Computer security company McAfee reports on their website that, at the beginning of September 2006, over 33% of phishing scam emails being reported to McAfee were utilizing Fifth Third Bank's brand. |
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