ProDraft Services, Inc. Joins With Fifth Third Bank To Provide Correspondent Banking Services

CINCINNATI, Aug. 18 /PRNewswire/ -- Fifth Third Bank today announced an agreement with ProDraft Services, Inc., a Credit Union Service Organization (CUSO) located in Bismarck, N.D., to provide comprehensive correspondent banking services to ProDraft's owners and clients.

"With ProDraft's nearly quarter-century of processing experience, and Fifth Third Bank's more than a century of financial strength and broad base of services, our credit union clients have the best combination of services, tools, price and financial stability without the requirement of any capital investment," said Chad Bartosh, president of ProDraft Services, Inc.

Bartosh continued, "ProDraft clients were able to keep its cooperative model of pooling credit union clients together to provide the best possible price and scope of service.  It was critical for our clients to keep that cooperative model without committing any additional capital investment, and Fifth Third Bank is here to provide us the opportunity to meet those goals."

ProDraft has been providing share draft processing since 1986. In 2007, ProDraft was purchased by Midwest Corporate Federal Credit Union, to supplement their correspondent banking services. In April 2009, ProDraft was spun off into a CUSO, owned by 38 credit unions, in order to expand its service offerings.  

"Fifth Third Bank's focus is on delivering a comprehensive suite of core banking services to the financial institution market," said Kevin Jones, vice president and Director of Correspondent Banking for Fifth Third Bank. "We look forward to our partnership with ProDraft and its clients."

Fifth Third Bank works with more than 2,200 credit unions across the country providing various correspondent services. For more information about Fifth Third Bank's Correspondent Banking services, visit www.53.com.

Fifth Third Bancorp (Nasdaq: FITB) is a diversified financial services company headquartered in Cincinnati, Ohio. As of June 30, 2010, the Company has $112 billion in assets, operates 16 affiliates with 1,308 full-service Banking Centers, including 101 Bank Mart(R) locations open seven days a week inside select grocery stores and 2,370 ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Pennsylvania, Missouri, Georgia and North Carolina. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending, and Investment Advisors. Fifth Third also has a 49% interest in Fifth Third Processing Solutions, LLC. Fifth Third is among the largest money managers in the Midwest and, as of June 30, 2010, had $178 billion in assets under care, of which it managed $24 billion for individuals, corporations and not-for-profit organizations. Investor information and press releases can be viewed at https://www.53.com. Fifth Third's common stock is traded on the NASDAQ(R) National Global Select Market under the symbol "FITB."

SOURCE Fifth Third Bank

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