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George Alphonse Schaefer Jr.[1] (born May 17, 1945) [2] is the former CEO of Fifth Third Bancorp in Cincinnati, Ohio, a financial services company whose banking arm is Fifth Third Bank. [3] In April 2007, Schaefer stepped down as CEO, deferring to Kevin T. Kabat, retaining his role as chairman of the board.
- Working-Class Roots
- Hiring Freeze at Nuclear Plant Leads to Banking Career
- Night-School MBA
- A Decade of Conservative Expansion
- Gambles on Old Kent Acquisition
- Looking For Growth Opportunities
Schaefer was born in 1946 in the working-class community of West Cincinnati. With five brothers and sisters he developed an extremely competitive personality, which he nurtured by playing high-school football. It was Schaefer's football coach who gave him an application to West Point during his senior year. Schaefer recalled that his coach had said...
Schaefer had no interest in remaining in the army beyond his West Point commitment; in 1971 he returned home to Cincinnati. He applied for an engineering job at the nearby Zimmer Nuclear Power plant, which was being built by Cincinnati Gas and Electric, but as a result of a delay in the issuing of the plant's license a hiring freeze was imposed. Wi...
To help advance his career, Schaefer went to night school, earning an MBA from Xavier University. After several years heading Midwest Payments, in 1979 Schaefer returned to the commercial-loan department; three years later he was named the department's senior vice president. In 1982, when he was just 36 years old, Schaefer had his first heart-bypas...
Schaefer was both ambitious and conservative as he expanded Fifth Third one safe step at a time. In his first two years he completed several small acquisitions, then in 1992 attempted a bolder move, making an unsolicited takeover bid for Star Banc Corporation, Fifth Third's chief competitor in Cincinnati. When the offer was rejected by Star's board...
Schaefer displayed a gambling side to his personality in November 2000 when—in the midst of an economic downturn—he agreed to pay $5.5 billion for Old Kent Financial Corporation of Grand Rapids, Michigan. The deal was more than twice the size of the CNB acquisition and was a key addition because it provided Fifth Third with direct entry into the lu...
After Old Kent, Schaefer continued to look for opportunities to spur Fifth Third's growth by way of acquisitions; yet he reverted to a more cautious approach, looking for deals which would merely provide toeholds in new markets. From there the bank could employ a technique that it had used successfully in the past: expanding outward and building ma...
GEORGE A. SCHAEFER, JR. has been President and CEO of Fifth Third Bancorp/Fifth Third Bank since January 1990. He was hired in 1971 as a Management Trainee. He became the President and Chief ...
May 1, 2002 · May 1, 2002. (MONEY Magazine) – When George Schaefer Jr. took command of Fifth Third Bancorp back in 1990, the Cincinnati-based bank had $8 billion in assets. Today, Fifth Third has $70...
George A. Schaefer Jr. guided Fifth Third to its current position of banking power over the course of three decades, and continued to lead in his hometown. His story began in 1946, born into a blue-collar family made up of five brothers and sisters.
George Alphonse Schaefer Jr. is the former CEO of Fifth Third Bancorp in Cincinnati, Ohio, a financial services company whose banking arm is Fifth Third Bank. In April 2007, Schaefer stepped down as CEO, deferring to Kevin T. Kabat, retaining his role as chairman of the board.
May 30, 2006 · George A. Schaefer, Jr. is President and Chief Executive Officer of Fifth Third Bank. He began his career with Fifth Third in 1971 as a management trainee and has led the company since 1989.
