Cincinnati — 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 geographic footprint.
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 purchase volume.
- $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 schools.
"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."
About Fifth Third
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. The Company has $142 billion in assets and operates 1,295 full-service Banking Centers, including 99 Bank Mart® locations, most open seven days a week, inside select grocery stores and 2,650 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 is among the largest money managers in the Midwest and, as of September 30, 2015, had $297 billion in assets under care, of which it managed $25 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. Member FDIC, Equal Housing Lender.