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Mortgage Chief Exits Bank

Neal Arnold resigns from Fifth Third

November 30, 2005

By MortgageDaily.com staff


The mortgage chief of an Ohio-based bank has resigned.

Neal Arnold resigned Monday from his position as executive vice president of Fifth Third Bancorp, the Cincinnati-based company announced.

Arnold reportedly headed several of the company's businesses, including mortgage and consumer lending. The divisions will now report to George A. Schaefer Jr., Fifth third president and chief executive.

The company's statement thanked Arnold for his service but did not mention the reason for his departure.

Arnold's resignation follows Fifth Third's announcement in late September that its chief financial officer, R. Mark Graf, would step down from his position to pursue other career opportunities.

Fifth Third reported production of $2.9 billion during the third quarter -- down from the prior quarter and from the same period a year ago. The company said its revenue and net income trends remained below its expectations as deposit growth had not been sufficient to fund loan growth or prevent further contraction in the net interest margin. Income of $395 billion was off $76 million from the same period a year earlier.


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