CINCINNATI–(BUSINESS WIRE)–Fifth Third Bancorp (NASDAQ: FITB) today made a $27.5 billion commitment
to the communities it serves. The five-year commitment in lending,
investments and services is designed to help the Company fulfill its
Purpose to improve lives and be a force for positive change within its
For 2016-2020, Fifth Third’s commitment is focused on serving low- and
moderate-income communities and borrowers, and includes lending and tax
credit investments of $27.5 billion:
$10 billion in mortgage credit access, including lending and
$10 billion in small business loans and investments, including
Small Business Administration (SBA) Express loans.
$6.5 billion in community development loans within our
Wholesale Bank, including commercial lending, commercial real estate,
dealer finance, healthcare services, large corporate lending, mid cap,
middle market lending, professional services and structured finance.
$1 billion in CRA-related investments through the Fifth Third
Community Development Corporation (CDC) to support affordable housing,
revitalization, historic preservation and small businesses.
The Company also is committing to $77 million of additional
investments, service and marketing:
$20 million in housing-related investments, including down
payment assistance and homebuyer education.
$7 million in small business-related investments, including $5
million in Public Investment Programs and Loan Pools and $2 million to
support technical assistance providers for small business owners.
$35 million in CRA donations that support initiatives that
would qualify for credit under the federal Community Reinvestment Act.
$15 million in additional investments that support diverse
hiring, supplier programs, retail accessibility enhancements and Fifth
Third’s L.I.F.E. (Lives Improved through Financial Empowerment®)
programs, which today include the Fifth Third Bank Young Bankers
Club®, Financial Empowerment Mobiles (eBuses) and delivery of Dave
Ramsey’s Foundations in Personal Finance® curriculum in high
“Fifth Third is proud to be able to formalize our commitment to the
community and do so publicly,” said Greg D. Carmichael, president & CEO.
“It’s a part of our promise to serve our communities and customers—to
keep them at the center of everything we do and to live out our
corporate social responsibility in a way that helps create and sustain
healthy, vibrant communities. We look forward to working with our
community and business leaders to accomplish great things where we all
live and work.”
Fifth Third Bancorp is a diversified financial services company
headquartered in Cincinnati, Ohio. The Company has $141 billion in
assets and operates 1,254 full-service Banking Centers, including 95
Bank Mart® locations, most open seven days a week, inside select grocery
stores and 2,593 ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois,
Florida, Tennessee, West Virginia, Pennsylvania, Missouri, Georgia and
North Carolina. Fifth Third operates four main businesses: Commercial
Banking, Branch Banking, Consumer Lending and Investment Advisors. Fifth
Third also has an 18.3% interest in Vantiv Holding, LLC. Fifth Third is
among the largest money managers in the Midwest, and, as of December 31,
2015, had $297 billion in assets under care, of which it managed $26
billion for individuals, corporations and not-for-profit organizations. Investor
information and press
releases can be viewed at www.53.com.
Fifth Third’s common stock is traded on the NASDAQ® Global Select Market
under the symbol “FITB.” Fifth Third Bank was established in 1858.
Copyright © 2016. Fifth Third Bank, Member FDIC, Equal Housing Lender,
All Rights Reserved.
Fifth Third Bancorp
Larry Magnesen, 513-534-8055