No fungicides will not help at all.  This is a structural problem possibly created by sun scald and/or frost cracking. There is no cure and it may well affect the life of what appears to be young tree.  Also could have been animal damage or affected by mower damage earlier in it's life.   A mulched circle around the tree four or more feet in diameter would have prevented that if mower damage was a problem.  Keeping the tree as healthy as possible by fertilizing in spring after it flowers,  watering in dry periods, and mulching is about all that you can do going forward.  Trees do not grow new bark.  You could also enlist the services of a certified arborist, one who specializes in everything woody.  Arborist evaluations are not expensive and you can find one or more certified arborists in your zip code at www.treesaregood.com  Click on Find an Arborist.  You would get a correct diagnosis.

Otherwise you can read more about frost cracking and sun scald here:
http://msue.anr.msu.edu/news/frost_cracks_and_winter_damage_to_trees