Fifth Third Bancorp Makes $27.5 Billion Community Commitment
February 11 2016 - 9:02AM
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 geographic footprint.
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Greg Carmichael is President and CEO of
Fifth Third Bancorp. (Photo: Business Wire)
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.”
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. Member FDIC.
Copyright © 2016. Fifth Third Bank, Member
FDIC, Equal Housing Lender, All Rights Reserved.
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Fifth Third BancorpLarry Magnesen, 513-534-8055
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