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Homeowners who took advantage of the refinancing boom aren't buying new houses, because it would mean taking on higher-rate loans. That's a problem for banks already reporting huge declines in mortgage revenue.
May 14 -
Midsize banks remain concerned about their ability to meaningfully grow revenue at a time when yields on loans are narrowing and income from mortgage banking a key revenue driver continues to shrink.
April 17 -
Fifth Third Bancorp (FITB) said a drop in the value of a payments subsidiary, and higher legal costs, led to a 25% year-over-year drop in its quarterly profit.
April 17
Fifth Third Bancorp in Cincinnati, Ohio,
Van Dyke most recently served as a regional president for the $133 billion-asset bank. In that role, she oversaw several of the bank's Midwest operations, including in Michigan, Ohio and St. Louis. She joined Fifth Third in 2001 as a result of its acquiring Old Kent Bank, where she had been senior vice president in the bank's mortgage division.
In her new job, Van Dyke will report directly to Chad Borton, head of Fifth Third's consumer bank. She will succeed Bob Lewis, who is retiring from the bank on Sep. 19.
"Michelle is a terrific choice and uniquely well-suited to lead our mortgage line of business. She has extensive background in the mortgage business as well as complete familiarity with our affiliate operating structure," said Greg Carmichael, Fifth Third's president and chief executive officer, in a press release Tuesday.
Van Dyke was named by American Banker as one of its Most Powerful Women in Banking in
Fifth Third also announced that Karen Dee a regional president overseeing operations in southern states, including Tennessee, Kentucky and Georgia has decided to retire, effective immediately.
