News

Former Star exec to head Fifth Third Processing Solutions

July 6, 2004

CINCINNATI - Fifth Third Bancorp has hired a top executive from one of its largest rivals to run its fast-growing data processing business.

According to a Cincinnati Enquirer report, Charles Drucker will serve as president of Fifth Third Processing Solutions, formerly Midwest Payment Systems, owner of the Jeanie ATM network.

He will oversee sales, relationship management and product development for Fifth Third's merchant, financial institutions and card-product businesses that include ATM, credit card and debit card transactions.

Drucker was executive vice president and chief operating officer of Denver-based Star Debit Services, a unit of First Data Corp. and one of the nation's largest debit networks.

Revenues in Fifth Third's data-processing unit were $609 million in 2003, up from $543 million in 2002 and $204 million five years ago. It processes more than 9 billion electronic transactions a year for more than 1,650 financial institutions and 201,000 retailers.