CINCINNATI--(BUSINESS WIRE)--Fifth Third Bancorp today announced $650,000 in grants from its Enterprise Investment Fund (EIF). Directed by Fifth Third’s Community Affairs department, the EIF is designated for Community Reinvestment Act (CRA) initiatives and programs to strengthen CRA lending, investment and service performance across the Company. The Fund debuted in 2011 and invested $1.4 million in local communities in its first year.
Fifth Third created the Enterprise Investment Fund to get more Bank resources into local communities. Fifth Third Bancorp’s affiliates apply for funding and awards are made several times per year. The markets receiving EIF funds in the first round of 2012 are: Central Florida, South Florida, Georgia, Eastern Michigan, Greater Cincinnati, Central Ohio, Northwestern Ohio and North Carolina.
“Our Enterprise Investment Fund puts funds directly into local markets where our local leadership identifies the areas of the greatest need and where we can make maximum positive impact,” said Gregory Imm, senior vice president & director of Community Affairs. “We are proud of what we invested through this Fund in our first year and have great enthusiasm for what we can accomplish in 2012.”
Contributions from the EIF 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 affiliates include:
- Fifth Third Bank (Central Florida) was awarded $60,000 for the Jacksonville Chamber Foundation, Inc., for Get Smart, a new entrepreneurial education and mentoring program that combines hands-on mentoring with a series of training workshops.
- Fifth Third Bank (South Florida) was awarded $35,000 for the Housing Development Corporation of SW Florida for its homebuyer education and financial literacy program. Additionally, a $25,000 grant will go to Goodwill Industries of Southwest Florida for its microenterprise program that provides training and grants for the unemployed, individuals with low- and moderate-incomes, and/or other disadvantages to start their own small business or microenterprise.
- Fifth Third Bank (Georgia) received $100,000 for Sustainable Neighborhood Development Strategies to help establish the Pittsburgh Revitalization Fund, which will rehabilitate foreclosed houses acquired with resources provided by the city of Atlanta. It also received $20,000 to support the Consumer Credit Counseling Service of Middle Georgia for its Financial Literacy for All education program.
- Fifth Third Bank (Eastern Michigan) will support Detroit Economic Growth with a $150,000 grant for its Jefferson Village Neighborhood Investment project in Detroit.
- Fifth Third Bank (Greater Cincinnati) was awarded $30,000 for the Local Initiatives Support Corporation (Greater Cincinnati) for Financial Opportunity Centers throughout the region. The centers help families build self-sufficiency and stabilize finances.
- Fifth Third Bank (Central Ohio) will use its $50,000 EIF grant to support United Way of Central Ohio and its Neighborhood Leadership Academy, which is a training program designed to cultivate and motivate neighborhood leaders to promote sustainable change.
- Fifth Third Bank (Northwestern Ohio) was awarded $100,000 for United North Corporation, which will use the funds to provide a comprehensive approach to programming for youth and families through the renovation of the Ohio Theatre.
- Fifth Third Bank (North Carolina) will use a $50,000 EIF grant for the Raleigh Area Development Authority to help reestablish its counseling program to assist employers in meeting the credit building, savings, financial literacy and homeownership needs of employees. Additionally, a $50,000 grant will go to Community Link Programs of Traveler Aid Society of Central Carolinas for its homeownership affordability program.
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. The Company has $117 billion in assets and operates 15 affiliates with 1,316 full-service Banking Centers, including 105 Bank Mart® locations open seven days a week inside select grocery stores and 2,417 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 49% interest in Vantiv, LLC, formerly Fifth Third Processing Solutions, LLC. Fifth Third is among the largest money managers in the Midwest and, as of December 31, 2011, had $282 billion in assets under care, of which it managed $24 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® National Global Select Market under the symbol "FITB." Fifth Third Bank. Member FDIC.