Despite being one of the industry's tightest banks with a buck, Fifth Third Bank is sharing its prosperity with employees.

The Cincinnati banking giant will distribute $64 million in profit-sharing with its workers in the wake of the bank's record 2002 earnings.

The payout means that the typical eligible employees will get 12 percent to 14 percent of their annual base salary.

Fifth Third, which raked in profits of $1.6 billion last year, pays employees half of their profit-sharing in cash over the year. The rest is paid directly into their 401(k) plan.

All employees with one year of service are eligible to receive the bonuses.

This year marks the first year that ex-employees of Michigan-based Old Kent - which Fifth Third acquired - get the benefits.

Fifth Third, one of the industry's most cost-efficient banks, has shelled out more than $364 million in profit-sharing to employees the last 49 years.

Fifth Third has been profitable over the years because it also pays employees incentives to help it maintain a strategy that has became a key part of its overall corporate culture: Grow revenues faster than expenses.

Jeff McKinney