[LOGO] Fifth Third Bank
-------------------------------------------------------------------------
Exhibit 99.1
News Release
CONTACT: Neal E. Arnold (analysts) FOR IMMEDIATE RELEASE
513/579-4356 September 17, 2001
Roberta R. Jennings (media)
513/579-4153
Fifth Third Announces Authorization of Common Stock Repurchase Plan
Fifth Third Bancorp announced today that it has received authorization to
repurchase shares of its common stock in accordance with Securities and Exchange
Commission Release No. 44971 dated September 14, 2001: Emergency Order pursuant
to Section 12(k)(2) of The Securities Exchange Act of 1934 taking temporary
action to respond to market developments. Repurchases will take place over a
period of time and in the amounts as permitted by the emergency order. This
action is being taken in order to help provide market stability following the
tragic events of last week.
Management believes that these events will not materially or directionally
affect the long-term fundamental condition of Fifth Third Bancorp or the markets
in which we do business. We encourage investors to remain focused on operating
fundamentals and long term strategies in the days and weeks following this
disaster.
Corporate Profile
Fifth Third Bancorp is a diversified financial services company
headquartered in Cincinnati, Ohio with $70 billion in assets, 16 affiliates with
950 full-service Banking Centers, including 145 Bank Mart(R) locations open
seven days a week inside select grocery stores and 1,905 Jeanie(R) ATMs in Ohio,
Kentucky, Indiana, Florida, Arizona, Michigan and Illinois. The financial
strength of Fifth Third's affiliate banks merits deposit ratings of AA- and Aa2
from Standard & Poor's and Moody's, respectively. Additionally, Fifth Third
Bancorp continues to maintain the highest short-term ratings available at A-1+
and Prime-1, and has been recognized by Moody's with one of the highest senior
debt ratings for any U.S. bank holding company of Aa3. Fifth Third operates four
main businesses: Retail, Commercial, Investment Advisors and Midwest Payment
Systems. Investor information and press releases can be viewed at www.53.com.
The Company's common stock is traded in the over-the-counter market The NASDAQ
National Market under the symbol "FITB."
This document contains forward-looking statements about Fifth Third Bancorp
which we believe are within the meaning of the Private Securities Litigation
Reform Act of 1995. This
document contains certain forward-looking statements with respect to the
financial condition, results of operations, plans, objectives, future
performance and business of Fifth Third including statements preceded by,
followed by or that include the words "believes," "expects," "anticipates" or
similar expressions. These forward-looking statements involve certain risks and
uncertainties. There are a number of important factors that could cause future
results to differ materially from historical performance and these forward-
looking statements. Factors that might cause such a difference include, but are
not limited to: (1) competitive pressures among depository institutions increase
significantly; (2) changes in the interest rate environment reduce interest
margins; (3) prepayment speeds, loan sale volumes, charge-offs and loan loss
provisions; (4) general economic conditions, either national or in the states in
which Fifth Third does business, are less favorable than expected; (5)
legislative or regulatory changes adversely affect the businesses in which Fifth
Third is engaged; (6) changes in the securities markets. Further information on
other factors which could affect the financial results of Fifth Third are
included in Fifth Third's filings with the Securities and Exchange Commission.
These documents are available free of charge at the Commission's website at
http://www.sec.gov and/or from Fifth Third.