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Chicago stymies Cincinnati bank; Fifth Third's high-rate strategy backfires here.(Markets)(Fifth Third Bancorp.)
Crain's Chicago Business, January, 2005 by Daniels, Steve
Byline: STEVE DANIELS Fifth Third Bancorp's attempt to take the Chicago market by storm has blown over. The Cincinnati-based bank is backing away from a deposit-rate price war it started when it entered the market four years ago and is cleaning house at its local operation. Fifth Third rattled the local market by offering higher rates on checking and savings accounts.
But the strategy didn't produce the expected gains. Over the two-year period ended June 30, 2004, Fifth Third generated no net growth in deposits at Chicago-area branches open at least two years, a measure akin to "same-store sales'' comparisons used to gauge retailers' performance, according to a November analysis by Arlington, Va.-based Friedman Billings Ramsey & Co. "I thought we would...
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