Fifth-Third Bancorp (NASDAQ:FITB) just announced an important change in its management as well as its reporting structure. The change will involve replacing the mortgage division president, one of the most successful divisions and most profitable in the bank. Michelle Van Dyke who currently serves the company as regional president, has been named president of Fifth Third mortgage division. This change will take place effective immediately.
When I recently opined on the company, I had covered the contribution of mortgage loan growth to the company. The growth in mortgage loans, as well as other divisions of the bank led to me to predict the stock would move higher into 2014. The stock traded at $19.10 at that time, so it has only appreciated approximately 8%, while also paying a 2.6% dividend yield. What I also discussed in the article was the regional reach of the bank as well as the importance of the seasoned management team. Thus the present announcement, to me is a...READ FULL ARTICLE
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