The board of directors at Fifth Third Bancorp has elected a former Federal Deposit Insurance Corp. chairman as its own chairman.
The Cincinnati-based bank-holding company said in a Securities and Exchange Commission filing Friday that William Isaac is its new chairman of the board.
His annual retainer as chairman will be $375,000, including $125,000 in cash and a grant of restricted stock for $250,000.
Isaac was FDIC chairman from 1981 to 1985, “the youngest FDIC chairman in history,” according to the news release. He was first appointed to FDIC’s board in 1978 by President Carter and was “the youngest FDIC board member.”
He is “credited with helping stabilize the banking industry during its most tumultuous period since the Great Depression,” the statement said.
He founded the Secura Group and is chairman of LECG’s Global Financial Services, which acquired Secura in 2007.
He got his bachelor’s degree in Business Administration from Miami University in Oxford, Ohio. He earned a Doctorate of Law (summa cum laude) from The Ohio State University.
He replaces Kevin Kabat, who will continue to oversee Fifth Third as president and chief executive officer. The move improves on the company’s corporate governance practices.
In order to bring on Isaac without losing any of its current directors, the board was expanded to 13 directors.
Fifth Third reported $3.5 billion in first-quarter residential originations, falling from a revised $4.8 billion in the fourth quarter and from a revised $5.0 billion a year earlier.
