Fifth Third Bank
Corp will not talk about existing loan work out

I took out two commercial loans with Fifth Third bank for two developments in Southeastern Michigan. When the market crashed two years ago, we were not able to make the interest payments. Months went by with no word from the bank, 18 months ago they brought in a second builder to finish up the projects, which are still not completed. While we personally signed for the loans, we have no assets to back up the loans. I can not get any information out of our work out person as to what is going on with the projects, sales of the units, how much has the bank written down on the loans?

Fifth Third is very leveraged in 100's of loans just like ours, What is strange is the cash reserver the bank shows on its balance sheet is no were near the total amount of bad loans on the books! We think Fifth Third is not reporting the true financial condition of their balance sheet. If they do not foreclose on the loans it stays on their books as non preforming, even though the loans are worth best 40-50 cents on the dollar based on todays market in Michigan, Ohio, Indiana, and Florida. This is very strange way to run a bank? Unless you are afraid of massive losses.

Company: Fifth Third Bank
Country: USA
State: Michigan
City: Bloomfield Hills
Site: 53.com

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