Fifth Third Bancorp (NASDAQ: FITB) and Eldridge announced a partnership to offer private credit arrangements to Commercial Bank clients.
This program is built to enhance the ability for both parties to “meet emerging and evolving needs and provide reliable private credit solutions to clients.”
Kevin Khanna, head of Commercial Banking:
“By uniting complementary strengths and deepening our relationship, we are positioned to unlock opportunities and enhance our collective value proposition. Most importantly both Fifth Third and Eldridge can deliver flexible … financing solutions that empower clients to pursue strategic opportunities….”
Nicholas Sandler, Co-President of Eldridge Capital Management:
“Our relationship with Fifth Third began at Eldridge’s affiliate, Stonebriar Commercial Finance, with the bank supporting our asset-based credit growth through building a large ticket equipment finance origination platform. This new partnership in private credit reflects an evolution of our engagement.”
This program reflects an alignment of vision and capabilities, “enabling Fifth Third and Eldridge to create opportunities and deliver measurable value for clients and stakeholders.”
The agreement reinforces a shared commitment “to strategic growth, and long-term value creation.”
Since 1858, Fifth Third Bank has reportedly been “helping individuals, families, businesses and communities grow through smart financial services that improve lives.”
Fifth Third Bank, National Association, is “a federally chartered institution. Fifth Third Bancorp is the indirect parent company of Fifth Third Bank, and its common stock is traded on the NASDAQ Global Select Market under the symbol “FITB.”
Eldridge is an asset management and insurance holding company “with over $70 billion in assets under management that consists of two divisions: Eldridge Capital Management and Eldridge Wealth Solutions.”
Eldridge Capital Management, through its subsidiaries, “focuses on four investment strategies – diversified credit, GP solutions, real estate credit, and sports & entertainment.”
Eldridge Wealth Solutions, an insurance and retirement solutions platform, is comprised “of Eldridge’s wholly owned insurance companies, Security Benefit and Everly Life. Eldridge is wholly owned by Eldridge Industries.”
