Fifth Third Bank has reshuffled some executives, including its chief financial officer, after reaching a proposed settlement with the Securities and Exchange Commission after it found the bank failed five years ago to properly account for some commercial loans.
Fifth Third, the area’s largest bank by deposits, on Tuesday named current treasurer Tayfun Tuzan as executive vice president and chief financial officer, effective Oct. 31. He succeeds Daniel T. Poston, who was named the company’s chief strategy and administrative officer.
Fifth Third, without admitting or denying any factual allegations, would consent to an SEC administrative order that the company didn’t properly account for a portion of its commercial real estate loan portfolio and pay a penalty. The amount would be covered by reserves, the bank said.
Poston was interim CFO at the time of the irregularities and is in separate settlement talks with the SEC, the bank said. Poston, without admitting or denying any factual allegations, would consent to similar findings and charges against him, a cease and desist order, a separate civil money penalty, and a one-year ban from practicing before the SEC.
The proposed settlements must be approved by SEC commissioners.
The bank also named Jamie Leonard as treasurer and gave compliance responsibilities to Mary Tuuk, board secretary and executive vice president of corporate services.