Fifth Third Announces $270,000 in Grants from the Strengthening Our Communities Fund
Cincinnati – Fifth Third Bancorp today announced $270,000 in grants from its Strengthening Our Communities Fund (SCF), formerly the Enterprise Investment Fund. Directed by Fifth Third's Community and Economic Development department, the SCF is designated for Community Reinvestment Act (CRA) initiatives and programs to strengthen CRA lending, investment and service performance across the Company. Since its inception in 2011, the Fund has distributed $3.2 million in the markets Fifth Third serves.
Fifth Third created the Strengthening Our Communities Fund to provide additional Bank resources for local communities. Fifth Third Bancorp affiliates invite non-profit organizations to apply for funding and awards are made twice a year. The markets receiving funds in the first round of 2014 are: Eastern Michigan, North Carolina and Western Michigan.
"The SCF provides financial support to our communities in greatest need. Through these grants, we seek to make a significant positive impact in our neighborhoods," said Camino Smith, vice president and director of Community and Economic Development, Fifth Third Bank. "We are excited to provide these worthy organizations with grants to support their missions in the community."
Contributions from the SCF must directly benefit low- and moderate-income individuals and/or geographies, designated disaster areas, or distressed or underserved non-metropolitan middle-income geographies. They must also have the primary purpose of community development.
Project descriptions for the markets include:
- Fifth Third Bank (Eastern Michigan) was awarded $100,000 for Northwest Community Programs, Inc. to support its Active and Safe campaign and to support the Northwest Activities Center, including upgrades of existing equipment and the facility.
- Fifth Third Bank (North Carolina) was awarded $90,000 for DHIC, Inc. to execute a direct down payment assistance program for qualified low- and moderate-income, first-time homebuyers from Wake County, N.C.
- Fifth Third Bank (Western Michigan) received $80,000 to assist Good Samaritan Ministries. Funding will be used to support its programs, including Good Samaritan Neighborhood Connections and Circles, Circles IDA Match, Westcore Neighbors, and the Lakeshore Habitat for Humanity/NRI Fund.
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. The Company has $130 billion in assets and operates 17 affiliates with 1,311 full-service Banking Centers, including 104 Bank Mart® locations, most open seven days a week, inside select grocery stores and 2,614 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 a 26% interest in Vantiv Holding, LLC. Fifth Third is among the largest money managers in the Midwest and, as of March 31, 2014, had $281 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. Member FDIC. The curious bank is a registered service mark of Fifth Third Bancorp."