A bank with a large presence in the region has named a 25-year industry veteran to lead its private bank in Michigan.

Fifth Third Bancorp said this month it has appointed Reuben Rashty SVP and managing director of Fifth Third Private Bank in Michigan and executive director of Mirador Family Wealth Advisors.

As managing director of Fifth Third Private Bank in Michgan, Rashty will manage local wealth management clients and prospects in the state of Michigan. As head of Mirador, Rashty will build and develop relationships with "ultra-high net worth" customers.

“Reuben’s outstanding track record of client service will immediately add value to our existing relationships and enhance our efforts to help families achieve their financial goals,” said Phil McHugh, EVP and head of Fifth Third Wealth and Asset Management.

McHugh also called Rashty’s appointment a sign of Fifth Third’s “deep commitment” to the state and Mirador’s practices.

“I have long admired the bank and its approach, and I look forward to helping both Fifth Third and its clients succeed over the long term,” Rashty said.

Mirador managing director and co-founder Glen Johnson will transition to a new role within Fifth Third’s Wealth and Asset Management division with a focus on commercial clients.

Rashty’s background

Most recently, Rashty served as market manager of JPMorgan Chase Private Bank in Michigan.

Previously, he was head of domestic private banking for Israel Discount Bank in New York.

Rashty’s more than 25 years in banking have resulted in his being recognized as a "Five Star Wealth Manager" by Hour Magazine.

Rashty also is a board director for the American Technion Society and a member of the Jewish Federation Finance Committee. 

He holds a degree in business administration with an accounting emphasis from Wayne State University.