Fifth Third Receives $85M New Markets Tax Credits Award from U.S. Treasury

Award will help Fifth Third accelerate revitalization in communities across the U.S.

CINCINNATI--(BUSINESS WIRE)--The Fifth Third New Markets Development Company II has received an $85 million New Markets Tax Credits award from the U.S. Department of the Treasury’s Community Development Financial Institutions Fund.

An affiliate of the Fifth Third Community Development Company, LLC (CDC), the Fifth Third New Markets Development Company II was one of 142 community development entities nationwide to receive an award in the Treasury fund allocation announced on Dec. 23.

It is the second award to Fifth Third (NASDAQ: FITB) within the past 15 months: the Fifth Third New Markets Development Company also received a $50 million New Markets Tax Credits award from the U.S. Treasury in September 2024.

“Access to capital remains the most critical need in our communities: whether it’s financing to build housing, revitalize commercial corridors, support small businesses, develop the workforce, provide financial education, or empower individuals,” said Kala Gibson, chief corporate responsibility officer at Fifth Third. “Through our innovative, place-based economic development strategy, Fifth Third is leading the way. This award will enable us to accelerate our efforts and deepen our impact in the communities we serve.”

The New Markets Tax Credit (NMTC) Program helps economically distressed communities attract private investment capital. This federal tax credit helps to fill project financing gaps by enabling investors to make larger investments than would otherwise be possible. Communities benefit from the jobs associated with investments in manufacturing, retail, and technology as well as greater access to housing and public facilities such as health, education, and childcare. For every $1 of federal investment, the NMTC Program generates $8 of private investment, according to the U.S. Treasury.

“New Markets Tax Credits are one of the most impactful tools in our community development toolbox,” said Susan Thomas, president of the Fifth Third Community Development Corporation. “They provide crucial capital for economic development in underserved communities, funding healthcare clinics, community facilities and the growth of local businesses. These efforts provide jobs and critical services for residents of the communities we serve.”

New Markets Tax Credits have enabled Fifth Third to support projects such as the Phillis Wheatley Westside YWCA in Atlanta and the Talbert House Hamilton County Crisis Center in Cincinnati.

Community economic development is a cornerstone of the Fifth Third Neighborhood Program, which creates and implements innovative place-based economic development strategies to effect positive change in historically disinvested neighborhoods across the Bank’s footprint.

The program takes a collective ecosystem approach focused on identifying solutions to key challenges in partnership with the community, with the goal of creating lasting, transformative change. It is designed to increase financial access and spur economic mobility for all, creating a positive ripple effect that leads to community revitalization, small business growth, affordable housing, financial and workforce education and development, and healthy safe spaces.

About Fifth Third

Fifth Third is a bank that’s as long on innovation as it is on history. Since 1858, we’ve been helping individuals, families, businesses and communities grow through smart financial services that improve lives. Our list of firsts is extensive, and it’s one that continues to expand as we explore the intersection of tech-driven innovation, dedicated people and focused community impact. Fifth Third is one of the few U.S.-based banks to have been named among Ethisphere’s World’s Most Ethical Companies^® for several years. With a commitment to taking care of our customers, employees, communities and shareholders, our goal is not only to be the nation’s highest performing regional bank, but to be the bank people most value and trust.

Fifth Third Bank, National Association is a federally chartered institution. Fifth Third Bancorp is the indirect parent company of Fifth Third Bank and its common stock is traded on the NASDAQ^® Global Select Market under the symbol "FITB." Investor information and press releases can be viewed at www.53.com. Deposit and credit products provided by Fifth Third Bank, National Association. Member FDIC.