Fifth Third Bancorp announced that as of December 31, 2018, the Bank had delivered $20.3 billion under its 5-year Community Commitment plan, which is 68 percent* of the total $30 billion commitment and puts Fifth Third on pace to deliver the Commitment ahead of its scheduled completion in 2020.
The Community Commitment was first announced in 2016 as a $27.5 billion plan over five years. The fund was later increased to $30 billion and then $32 billion starting 2019.
Greg D. Carmichael, chairman, president and chief executive officer of Fifth Third Bancorp said that they report their annual progress because “it also gives us the opportunity to share how our collaboration with community organizations and partners is having a real impact in people’s lives.”
Fifth Third used the $20.3 billion fund to provide financial help for mortgage lending, especially in low- and moderate-income (LMI) communities; small business lending and investments; and community development loans and investments.
$8 Billion for Mortgage Mortgage: $8 Billion
Fifth Third has provided $8 billion in mortgage lending since 2016, mainly through the Bank’s Down Payment Assistance (DPA) program, which lends up to $3,600 in down payment funding to LMI borrowers, or to potential homeowners making a purchase in an LMI census tract. The DPA program has helped over 1,800 homeowners since 2017.
$5.6 Billion for Small Businesses
The Bank has provided $5.6 billion in small business loans as a preferred Small Business Administration (SBA) lender. Last year, an SBA loan in Chicago led to the opening of Lake Immediate Care and Clinic, both a primary and urgent care provider that serves 8,000 people.
The Bank also provides capital and technical assistance to small businesses, especially those that are minority- and woman-owned.
$6.6 Billion for Community Development Lending & Investments (CDLI)
Fifth Third has funded $6.6 billion in community development lending and investments since 2016, including $611.4 million in affordable lending and revitalization projects through the Fifth Third Community Development Corporation (CDC).
Among the projects that Fifth Third financed in Chicago are grocery retail centers in LMI communities, medical office buildings and education facilities. The Fifth Third CDC invests in projects that revitalize communities, create affordable housing and restore historic buildings.
Fifth Third Impact Initiatives and Programming
Fifth Third has funded $64.5 million in grants since 2016 under the Community Commitment. This includes $3 million in Strengthening Our Communities grants from the Fifth Third Foundation in 2018. The fund helped entrepreneurs grow their businesses and create jobs as well as build affordable housing and community financial empowerment programs.
Programming included Summer of Dreams, a comprehensive 10-week program for more than 1,100 K-12 homeless students each year in Central Florida. For seven years, Fifth Third has been investing $45,000 annually to the program, which provides food, enriching academic activities, field trips, tutoring and mentoring, financial empowerment and a backpack full of school supplies.
Fifth Third’s Supplier Diversity spend was $77.4 million in 2018, a 55 percent increase over 2017.
About Fifth Third
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio and the indirect parent company of Fifth Third Bank, an Ohio-chartered bank. As of December 31, 2018, Fifth Third had $146 billion in assets and provides its customers with access to approximately 52,000 fee-free ATMs across the United States.
Fifth Third’s operations include Commercial Banking, Branch Banking, Consumer Lending and Wealth & Asset Management.
View investor information and press releases at www.53.com. Fifth Third’s common stock is traded as “FITB” on the Nasdaq® Global Select Market. Fifth Third Bank was established in 1858.