CINCINNATI--(BUSINESS WIRE)--Fifth Third Bancorp today reported the results of its $30 billion, five-year Community Commitment after the completion of its second full year (2017). The Community Commitment, developed in collaboration with the National Community Reinvestment Coalition (NCRC), positively impacted the communities served by Fifth Third through mortgage lending, small business lending, community development loans and investments, and Fifth Third Impact Initiatives, including philanthropy, housing and small business-related investments, financial empowerment programming, branches and staffing, and inclusion and diversity.
Since the beginning of the commitment, and over the past two years, Fifth Third invested $14.5 billion, or 48.3 percent, of the total lending and investment commitment.
|
Category |
Commitment (2016-2017) |
Percentage of Total |
||
| Mortgage Lending | $5.9 billion | 147% of goal | ||
| Small Business Lending | $3.7 billion | 115% of goal | ||
|
Community Development |
$4.9 billion | 137% of goal | ||
“Our Community Commitment is a Fifth Third better,” said Byna Elliott, senior vice president and chief corporate community and economic development officer, “because our employees have carried our Company’s financial commitment directly to the communities in terms of listening, volunteerism, and engagement. Together we have delivered $14.5 billion of our Commitment after just two years and it’s all due to their efforts: their hard work, their engagement with community partners, and their ability to execute. This progress report, following shortly after the Federal Reserve Bank of Cleveland issued an “Outstanding” Community Reinvestment Act rating for Fifth Third for the period of January 1, 2014 to June 30, 2016, indicates that we are deeply engaging with the communities we serve and are working with them to achieve bold outcomes that improve lives.”
Every area of the Bank’s $30 billion Community Commitment development plan is ahead of pace and building strong neighborhoods in Fifth Third’s communities:
Mortgage Lending: $5.9 billion (44,620 loans), 147% of goal
Since the start of our Commitment, nearly 45,000 customers like 24-year-old Alaysyhah Yahyisrael have turned to Fifth Third for mortgage loans. A number of these, like Yahyisrael, took advantage of the Bank’s new assistance program that reduces the burden of a down payment by providing up to $3,600 for low-income families, and are now in the homes of their dreams. In partnership with local nonprofits, Fifth Third has been able to offer free affordable housing workshops in all of its markets.
Small Business Lending: $3.7 billion (28,774 loans), 115% of goal
Fifth Third is grateful for the opportunity to strengthen local business communities. With more than 28,000 loans worth $3.7 billion, small business owners like Kevin Clemons, owner of Clemcorp in Dayton, Ohio, are able to build and expand their businesses through the Bank’s financing and/or strategic partnerships, formed with organizations like Accion, which in turn, provide an economic boost to the communities Fifth Third serves.
Community Development Lending & Investments (CDLI): $4.9 billion (1,055 loans and investments), 137% of goal
Neighborhoods received economic boosts in the Commitment’s first two years through $4.9 billion in community development loans and investments through the Fifth Third Community Development Corporation (CDC) and Fifth Third commercial lending. A CDC investment of $3.65 million in Emerald Gardens in West Virginia in 2017 is creating 42 units of housing for low-income residents in an area severely lacking in supply for families who are at or below 40- and 60-percent of the area median income.
Philanthropic Donations: $41 million (6,323 donations), 113% of goal
Nonprofit organizations throughout the Bank’s footprint were the beneficiaries of $41 million in community support. The Fifth Third Foundation also launched the Strengthening Our Communities Fund that awards organizations grants for affordable housing, small business micro lending, technical assistance and financial empowerment programs with a focus on workforce development. The Foundation awarded $2.5 million in such grants in 2017, including one to Georgia Advancing Communities Together for its capability building initiative.
Community Advisory Forums, formed as part of the Commitment, completed their first year of meetings with leaders of the Bank in 2017. Conversations with these advisory groups have been frank, strategic and productive, helping Fifth Third be a more responsive and responsible community leader. Employees also conducted community conversations throughout the Bank’s footprint with civic and other organizations.
More about year two of the Community Commitment is available in the 2017 Corporate Social Responsibility Report, which was recently published.
About Fifth Third
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. As of March 31, 2018, the Company had $142 billion in assets and operated 1,153 full-service Banking Centers and 2,459 ATMs with Fifth Third branding in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia and North Carolina. In total, Fifth Third provides its customers with access to more than 54,000 fee-free ATMs across the United States. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending and Wealth & Asset Management. Fifth Third is among the largest money managers in the Midwest and, as of March 31, 2018, had $363 billion in assets under care, of which it managed $37 billion for individuals, corporations and not-for-profit organizations through its Trust and Registered Investment Advisory businesses. 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.
