Fifth Third director bought about $1.3 million worth of stock after it plunged

A Fifth Third Bancorp board member spent more than a million dollars to buy the Cincinnati-based banking services company’s shares on the cheap, but then they got even cheaper as concerns over the banking sector’s health kept growing.

After the stock dropped a total of 9.9% on March 9-10, as the troubles that led to the failures of SVB Financial Group’s Silicon Valley Bank and Signature Bank became public, Director Gary Heminger stepped in on March 13 to spend $1.27 million to buy 47,500 shares.

According…