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Fifth Third Bancorp names AEP CEO to board

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October 15, 2013 11:03 AM EST | AP


CINCINNATI — CINCINNATI (AP) — Fifth Third Bancorp said Tuesday that it named American Electric Power Co. CEO Nicholas Akins to its board of directors.

Akins began his career as an electrical engineer in 1982 and worked at the former Central and South West Corp. before it merged with AEP in 2000. AEP is an electricity utility based in Columbus, Ohio.

Fifth Third Bancorp, based in Cincinnati, has 1,326 banking centers, mostly in the Midwest.

"The executive leadership team is eager to work with Nick and we are excited about the guidance and insight that he will provide, specifically in the energy sector, an important focus and industry specialization for the bank," Kevin Kabat, Fifth Third's vice chairman and CEO, said in a statement.

Shares of the regional bank rose 2 cents to $18.33 in morning trading Tuesday.