CINCINNATI, Nov. 18, 2016 /PRNewswire/ -- Today, Fifth
Third Bancorp (Nasdaq: FITB) and the National Community
Reinvestment Coalition (NCRC) signed a landmark $30 billion community development plan through
2020. The plan builds on the $27.5
billion community commitment that Fifth Third announced in
February 2016, and is the largest by
a single bank in recent history.
Experience the interactive Multimedia News Release here:
http://www.multivu.com/players/English/7723855-fifth-third-bank-ncrc-community-commitment
A detailed summary of the agreement can be accessed at
www.53.com/commitment.
The plan covers the 10 states in which Fifth Third has branches
and follows weeks of discussions and six meetings between Fifth
Third and community groups working with NCRC in Chicago, Charlotte, Cincinnati, Cleveland, Tampa
Bay, and Washington, D.C.
All told, Fifth Third met with more than 200 community-based
organizations.
The plan calls for Fifth Third to invest $30 billion in its communities over a five year
period, which began January 1, 2016.
Lending and investments of $30
billion covered under this agreement include the following
categories: mortgage lending, small business lending, including
micro-lending; and community development lending and investing. The
agreement also covers $158.4 million
in community initiatives, including financial services, branch
openings, marketing and research, product development and
cooperative public policy advocacy for low- and moderate-income
(LMI) communities.
"This substantive and detailed community development plan was
the result of a collaborative process with community members and
bank leaders," said NCRC President & CEO John Taylor. "We applaud President & CEO
Greg Carmichael and the senior
leadership of Fifth Third, who after putting out a significant
community commitment earlier in the year, was willing and eager to
deeply engage NCRC and its member organizations in significant
discussions to ensure the commitments made were in areas of the
greatest community need and put in place rigorous accountability
for their bank and the communities they serve."
Fifth Third Bancorp President & CEO Greg D. Carmichael, said, "Fifth Third is deeply
committed to both investing significant resources into the
community as well as engaging community members and leaders. Our
objective is to ensure that, together with the NCRC, we
meaningfully impact the communities we serve. We appreciate and
value the collaboration with John
Taylor and all the NCRC member organizations who met with us
to enable the expansion of our original commitment in ways that
will best improve lives."
"Fifth Third and NCRC's investment in Ohio will create opportunities for businesses
and families to seek the resources they need to make their
communities stronger," said U.S. Senator Sherrod Brown. "I applaud these
organizations for working with people across the state, and I'm
glad their investment will provide meaningful help to
Ohioans."
A summary of the community development plan follows:
LENDING & TAX CREDIT INVESTMENTS:
$30 BILLION
MORTGAGE LENDING: $11
BILLION
Fifth Third increased its overall goal for mortgage lending to LMI
borrowers and census tracts, and added a home purchase sub-goal.
The commitment includes product innovation to address community
needs, and includes a Second Look Program, down payment assistance,
support for housing counseling, and other activities, including
affirmative marketing and outreach, evaluation and improvement of
its Fair Housing/Lending program, and the continuation of its
current policy of not imposing minimum loan amounts.
SMALL BUSINESS LENDING: $10
BILLION
Fifth Third is committed to improving its lending to small
businesses with gross annual revenue below a million in all markets
and communities. The commitment includes increased support for
small businesses, product innovation, and enhanced underwriting and
fulfillment.
COMMUNITY REINVESTMENT ACT (CRA) COMMUNITY DEVELOPMENT
LENDING: $9 BILLION
Fifth Third will strive to achieve peer-leading performance in the
amount of combined community development loans and investments
(CDLI) over the course of the five-year commitment. Increases in
CDLI activities will be supported by initiatives in affordable
housing, a revolving loan fund, community development corporations,
community development financial institutions, community
pre-development resources, housing rehab loan pools and land banks.
The Fifth Third Community Development Corporation will also make
$1 billion in tax credit
investments.
FIFTH THIRD IMPACT PROGRAMMING: $158.4 MILLION
Fifth Third Impact Programming includes: Housing-Related
Investments, Small Business-Related Investments, Philanthropy &
Community Sponsorships, Diverse Hiring, Supplier Diversity,
Financial Empowerment Programming, Services and Basic Banking,
including branches and staffing, and other investments and
marketing.
Fifth Third will make housing-related investments that address
the gap for consumers who need down payment assistance to achieve
homeownership, support housing counseling and financial literacy to
help families and individuals achieve their long-term financial
goals, and help fund housing loan pools for minor home repairs or
gap financing to support neighborhood revitalization. Fifth Third
Bank will also make small business-related investments that provide
technical assistance for small business development and growth, and
support the ecosystem for small business lending. The Bank will
strengthen communities through significant philanthropic grants and
donations and impactful community sponsorships. Charitable giving
will include a focus on providing organizations with resources for
capacity building, workforce training, and assistance for older
adults.
The Fifth Third Impact programming includes branch and staff
commitments. Fifth Third will seek to open at least 10 more
branches in LMI and/or high minority communities. Fifth Third will
establish the position of Senior CRA Mortgage Lender, and continue
to retain and hire mortgage loan originators focused on CRA
success. It will expand small business staffing with a
newly-created role for CRA Small Business lenders.
Fifth Third's Inclusion and Diversity plan supports the Bank's
commitment to ensure that its human capital is inclusive and
diverse. The Bank will increase its efforts to support diverse
suppliers, minority-owned, women-owned and veteran-owned
businesses.
Fifth Third Impact programming also includes the delivery of
Fifth Third's L.I.F.E. (Lives Improved through Financial
Empowerment®) programs, which strive to reach consumers at every
age and stage of life through foundational financial education.
These programs include, but are not limited to programs for
children and teens, including the Fifth Third Bank Young Bankers
Club®, and programs for adults like Fifth Third Bank Empower U®
adult financial education courses. Fifth Third's L.I.F.E. programs
also include the Company's Financial Empowerment Mobiles, or
eBuses, which deliver financial education, job training, tax
preparation and other assistance directly to low- and
moderate-income communities on their own and in partnership with
local community organizations.
"As a member of the Dayton community, I am pleased to see that
Fifth Third has made a commitment to ensuring financial services to
low- and moderate-income communities and individuals as well as
small businesses," said Catherine
Crosby, executive director, City of Dayton Human Relations
Council. "Small businesses are the primary employers in
Dayton, which makes it critical to
ensure that resources are available not only for financial
stability, but also to build capacity through technical assistance.
We look forward to continuing our partnership to fulfill mutual
goals for economical sustainability in diverse low- and
moderate-income communities in Dayton."
"NHS of Greater Cleveland
welcomes the opportunity to continue our partnership with Fifth
Third Bank to implement this broad-reaching plan that will
positively affect the residents and the communities we serve in
northeast Ohio," said Lou Tisler, executive director, Neighborhood
Housing Services of Greater Cleveland.
"I am delighted that Fifth Third approached NCRC and its
Illinois members to jointly create
a strong CRA plan based on community needs and input," said Dory
Rand, president, Woodstock Institute. "I look forward to working
with them to implement the plan and reap the benefits of increased
and improved lending, investments, branches and services in
underserved low- and moderate-income neighborhoods in Illinois and across the country."
Sister Barbara Busch, executive
director of Working in Neighborhoods in Cincinnati, said, "I am glad to see that Fifth
Third is willing to work with communities to provide equal access
to mortgages and other banking products at a competitive rate. I am
looking forward to seeing changes in Fifth Third's products and
programs to achieve equity for low- and moderate-income and
minority communities."
"Fifth Third has several branches in Northwest Indiana and organizations here are
excited to see increased support for our programs that benefit low-
and moderate-income borrowers," said Jean
Ishmon, consulting executive director, Northwest Indiana
Reinvestment Alliance. "I am encouraged by the upcoming partnership
and have met with some of the new staff. Organizations are hopeful
that the Bank will be more actively-involved in our quest to serve
the residents of the Gary Metropolitan Statistical Area."
Deborah Scanlan, CEO of
Neighborhood Home Solutions, said, "This agreement is vital for the
future communities in the Tampa
Bay region—for community development investing, home
mortgage lending and capacity building for nonprofit partners of
the Bank."
In addition to NCRC and Fifth Third Bank, the agreement was
signed by 136 member organizations:
Charisma Community Connection, Akron,
Ohio
Action NC, Durham and Charlotte, North Carolina
Affordable Homeownership Foundation, Inc., Fort Myers, Florida
Another Chance of Ohio,
Cleveland, Ohio
Antioch Baptist Church, Akron, Ohio
Aurora, Evansville, Indiana
Baptist Minister's Conference of
Cincinnati and Vicinity,
Cincinnati, Ohio
Birmingham Development Corp., Toledo,
Ohio
Breaking Chains Inc., Beachwood,
Ohio
Bridging Communities, Inc., Detroit,
Michigan
Bright Community Trust, Inc., Clearwater,
Florida
Buckeye Shaker Square CDC, Cleveland,
Ohio
Can I Live, CDC, Raleigh, North
Carolina
CAPE, Evansville, Indian
Central Florida Urban League,
Orlando, Florida
Central Ohio Fair Housing Association, Inc., Columbus, Ohio
Chicago Community Loan Fund, Chicago,
Illinois
Chicago Rehab Network, Chicago,
Illinois
Cincinnati NAACP, Cincinnati,
Ohio
Cincinnati-Hamilton County
Community Action Agency, Cincinnati,
Ohio
City of Dayton Human Relations Council, Dayton, Ohio
City of Euclid, Ohio
City of South Euclid, Ohio
CityWide Development Corporation, Dayton,
Ohio
Clearwater Neighborhood Housing
Services, Incorporated, Clearwater,
Florida
Cleveland Realtist Association, Cleveland, Ohio
Collective Empowerment Group of Cincinnati, Cincinnati, Ohio
Collective Empowerment Group Tampa Bay Area (CEGTBA), St. Petersburg, Florida
Community Action Agency, Cincinnati,
Ohio
Community Legal Aid Services, Inc., Akron, Ohio
Community Legal Services of Mid-Florida, Florida
Community Link, Charlotte, North
Carolina
Community Matters, Cincinnati,
Ohio
Community Reinvestment Alliance of South
Florida, Miami, Florida
Community Service Council of Northern
Will County, Bolingbrook,
Illinois
Community United for Action, Cincinnati,
Ohio
Comprehensive Valuation Services LLC, Florence, Kentucky
County Corp., Dayton, Ohio
Cudell Improvement, Inc., Cleveland,
Ohio
Dayton Area Chamber of Commerce,
Dayton, Ohio
Detroit Shoreway Community Development Organization, Cleveland, Ohio
ECHO Housing Corporation, Evansville,
Indiana
ESOP, Cleveland, Ohio
F7, Raleigh, North Carolina
Fair Housing Resource Center, Inc., Painesville, Ohio
Famicos Foundation, Cleveland,
Ohio
Financial Justice Coalition of SE
Michigan, Detroit,
Michigan
Florida Home Partnership, Inc., Ruskin,
Florida
Friends of the African Union Chamber of Commerce, Cincinnati, Ohio
Genesis Housing Development Corporation, Chicago, Illinois
Georgia Advancing Communities Together, Inc., Atlanta, Georgia
Georgia Micro Enterprise Network, Atlanta, Georgia
Greater Cincinnati Microenterprise Initiative, Cincinnati, Ohio
Greater Dayton Premier Management,
Dayton, Ohio
Greater Linden Development Corporation, Columbus, Ohio
Habitat for Humanity of Metro Louisville, Louisville, Kentucky
Hamilton County Community Reinvestment Group, Cincinnati, Ohio
Henderson and Company,
Henderson, North Carolina
Home Repair Resource Center, Cleveland
Heights, Ohio
Home Ownership Center of Greater
Dayton, Dayton, Ohio
Homes on the Hill CDC, Columbus,
Ohio
HomesteadCS, Lafayette,
Indiana
Housing Foundation of America, Pembroke
Pines, Florida
Housing Opportunities Made Equal of Greater Cincinnati, Cincinnati, Ohio
Housing Research & Advocacy Center, Cleveland, Ohio
IMPACT Community Action, Columbus,
Ohio
Indiana Association for Community Economic Development,
Indianapolis, Indiana
Institute of Cultural Affairs – USA, Chicago,
Illinois
Legal Aid Society of Southwest
Ohio, LLC, Cincinnati,
Ohio
LINKS Community and Family Services, Akron, Ohio
Louisville Affordable Housing Trust Fund, Louisville, Kentucky
Lucas County Land Bank, Toledo,
Ohio
Madisonville Community Urban Redevelopment Corporation,
Cincinnati, Ohio
Memorial Community Development Corp., Evansville, Indiana
Metropolitan Housing Coalition, Louisville, Kentucky
Miami Valley Fair Housing Center, Inc., Dayton, Ohio
Miami Valley Urban League, Dayton,
Ohio
Michigan Community Reinvestment Coalition, Lansing, Michigan
Montgomery County, OH,
Dayton, Ohio
Mt. Pleasant NOW Development Corporation, Cleveland, Ohio
Mustard Seed Development Center, Akron,
Ohio
National Housing Counseling Agency, McDonough, Georgia
Nazareth Housing Development Corp., Akron, Ohio
NC Community Development Initiative/Initiative Capital,
Raleigh, North Carolina
North Carolina Housing Coalition, Raleigh, North Carolina
Neighborhood Housing Services of Greater
Cleveland, Cleveland,
Ohio
Neighborhood Housing Services of South
Florida, Miami, Florida
Neighborhood Lending Partners of Florida, Inc., Tampa, Florida
Neighborhood Service Organization (NSO), Detroit, Michigan
New Frontier CDC, Winston-Salem, North
Carolina
New Level Community Development Corp., Nashville, Tennessee
Northeast Ohio First Suburbs Consortium, Cleveland Heights, Ohio
Northwest Indiana Reinvestment Alliance, Hammond, Indiana
NWSHC, Chicago, Illinois
Ohio CDC Association, Columbus,
Ohio
Ohio Fair Lending Coalition, Cleveland,
Ohio
Ohio SBDC at The Entrepreneurs Center, Dayton, Ohio
Ohio Urban Resources System, Cleveland,
Ohio
One Voice for East Toledo, Toledo,
Ohio
OPRHC/West Cook Homeownership Center, Forest Park, Illinois
Partners In Community Building, Inc. (PICB), Chicago, Illinois
Pathway, Inc., Toledo, Ohio
Peoplestown Revitalization Corporation, Atlanta, Georgia
Pinellas Opportunity Council, Inc., St.
Petersburg, Florida
Pittsburgh Community Reinvestment Group, Pittsburgh, Pennsylvania
Price Hill Will, Cincinnati,
Ohio
Prosperity Unlimited, Inc., Kannapolis,
North Carolina
REBOUND, Inc., Louisville,
Kentucky
Reinvestment Partners, Durham, North
Carolina
REVA Development Corporation, Fort
Lauderdale, Florida
River City Housing, Louisville,
Kentucky
Rock Island Economic Growth, Rock Island,
Illinois
Salem UMC, Toledo, Ohio
Slavic Village Development, Cleveland,
Ohio
Small Business Development Center at Wright
State University, Dayton, Ohio
Southwest Economic Solutions, Detroit,
Michigan
St. Petersburg Neighborhood
Housing Services, Inc., St. Petersburg,
Florida
Tampa Bay Black Business Investment Corporation, Tampa, Florida
The Chicago Urban League, Chicago,
Illinois
The Home Ownership Center of Greater
Cincinnati, Cincinnati,
Ohio
The Housing Partnership, Inc., Louisville, Kentucky
The Lion Foundation, Kissimmee,
Florida
The Omega Community Development Corporation, Dayton, Ohio
The Resurrection Project, Chicago,
Illinois
Toledo Fair Housing Center, Toledo,
Ohio
U SNAP BAC Non Profit Housing Corporation, Detroit, Michigan
UMADAOP, Cincinnati, Ohio
United North Corporation, Toledo,
Ohio
Universal Housing Solutions CDC, Chicago,
Illinois
University Area Community Development Corp, Inc., Tampa, Florida
Village Capital Corporation, Cleveland,
Ohio
Vision of Restoration, Inc., Maywood,
Illinois
Wesley Community Center Dayton, Dayton,
Ohio
Woodstock Institute, Chicago,
Illinois
Working In Neighborhoods, Cincinnati,
Ohio
Fifth Third Bancorp is a diversified financial services company
headquartered in Cincinnati, Ohio.
As of September 30, 2016, the Company
had $143 billion in assets and
operates 1,191 full-service Banking Centers, including 94 Bank
Mart® locations, most open seven days a week, inside select grocery
stores and 2,497 ATMs in Ohio,
Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West
Virginia, Georgia and
North Carolina. Fifth Third
operates four main businesses: Commercial Banking, Branch Banking,
Consumer Lending, and Wealth & Asset Management. 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
September 30, 2016, had $314 billion in assets under care, of which it
managed $27 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, Equal Housing Lender
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/fifth-third-bancorp-and-national-community-reinvestment-coalition-announce-landmark-30-billion-community-development-plan-300366019.html
SOURCE Fifth Third Bank (NASDAQ: FITB)