A US-based banking and financial services company. In 2019, it announced that it would stop financing private prison companies CoreCivic and GEO Group, but its current involvement cannot be verified.
Fifth Third Bancorp is a banking and financial services company headquartered in Cincinnati. Its principal subsidiary, Fifth Third Bank, used to be one of several major financiers of private prison and immigrant detention companies, having provided revolving lines of credit, term loans, and bond underwriting services to CoreCivic and GEO Group. In 2019, it announced, along with several other major financial institutions, that it would exit the private prison industry.
In 2022, CoreCivic signed a new credit agreement, replacing a 2018 $1 billion credit facility. Fifth Third Bank was part of the 2018 agreement, having provided an $80 million revolving line of credit and a $20 million term loan. Unlike in previous years, public disclosures regarding the 2022 agreement only named the administrative agent, Alter Domus. While other lenders are also involved, they were not named. Therefore, it cannot be verified whether Fifth Third Bank is still involved.
Also in 2022, GEO Group entered into a new credit agreement, replacing a previous agreement that consisted of a $900 million revolving line of credit and a $792 million term loan. Fifth Third Bank was part of the previous agreement, having provided an undisclosed amount of money to the deal. Unlike in previous years, public disclosures regarding the 2022 agreement only named the administrative agent, Alter Domus. While other lenders are also involved, they were not named. Therefore, it cannot be verified whether Fifth Third Bank is still involved.
The bank's known past involvement includes:
- In April 2013, CoreCivic issued two sets of bonds—one set totaling $325 million, with a maturity date of 2020, and the other set totaling $350 million, with a maturity date of 2023. As part of a syndicate of banks, Fifth Third Bank underwrote undisclosed proportions of these bonds.
- In April 2016, GEO Group issued $350 million of bonds, with a maturity date of 2026. As part of a syndicate of banks, Fifth Third Bank underwrote $10.5 million worth of these bonds.