CINCINNATI--(BUSINESS WIRE)--The average American is expected to spend $146.84 on candy, flowers, cards and other gifts for Valentine’s Day according to the National Retail Federation. Fifth Third Bank (NASDAQ: FITB) encourages shoppers to reserve some of that total for their small business neighbors.
“Your local florists, candy shops and restaurants are great resources for Valentine’s Day gifts and shopping at these businesses shows your community some love as well,” said Kala Gibson, senior vice president and head of business banking at Fifth Third Bank. “The dollars you spend at these businesses stay in your local community – they employ your neighbors, support your artisans and help grow your community.”
More than half of all Americans either own or work for a small business, according to the U.S. Small Business Administration. Additionally, for every dollar spent at a small business, 68 cents remains in that local community.
Fifth Third Bank is committed to the support and development of small businesses throughout the bank’s footprint, evidenced by issuing more than $2 billion in small business loans in 2015. Greenwich Associates recently recognized Fifth Third as one of the “best brands” in small business banking. Additionally, the State Small Business Credit Initiative (SSBCI) revealed last year that Fifth Third is the largest lender by dollar amount since the program’s inception in 2011.
“When you look at the numbers, it’s clear that small businesses are the heartbeat of the American economy,” Gibson said. “Fifth Third Bank is a proud partner of small businesses and remind you to remember two very important people this Valentine’s Day: your significant other and your favorite small business owner.”
For more information on how Fifth Third Bank supports small businesses, please visit https://www.53.com/business-banking/.
About Fifth Third Bank
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