Fifth Third Bancorp is pleased to report the year-one results of
its $30 billion, five-year Community Commitment, developed
in collaboration with the National Community Reinvestment Coalition
(NCRC). The Commitment 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.
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Brian Lamb, executive vice president and
chief corporate social responsibility and reputation officer, Fifth
Third Bank (Photo: Business Wire)
In year one, 2016, Fifth Third invested $7.88 billion, or
26.3 percent, of the total lending and investment commitment.
The results put the Company on pace to exceed the goals of its
Community Commitment by its conclusion in 2020.
Category
Year One
Investment
2016
Percentage of
TotalCommitment
Mortgage Lending $3.26 billion 29.6
percent Small Business Lending $1.96 billion
19.6 percent
Community DevelopmentLending &
Investments
$2.64 billion 29.3 percent
“Our Community Commitment is designed to improve lives in the
communities we serve,” said Brian Lamb, executive vice
president and chief corporate social responsibility and reputation
officer, Fifth Third Bank. “Our year-one results demonstrate
significant progress against our five-year plan, but more than
that, the numbers demonstrate the impact we can make when we work
with communities to accomplish great things. I am especially
grateful to the NCRC and all of the community organizations who
share in our excitement about a solid first year, and join us in
having enthusiasm for even more profound progress in the months and
years ahead.”
“As the year-one results show, Fifth Third is off to a good
start on its community development plan,” said John
Taylor, president and CEO of NCRC. "NCRC and the community
groups who worked with Fifth Third to reach the agreement look
forward to further helping with its implementation, and we’re
excited for the elements of the plan yet to come. We still have
work to do together to ensure that low- and moderate-income
communities have access to the financial resources and
opportunities needed to thrive.”
Fifth Third’s $3.26 billion in mortgage loans included nearly
17,000 home purchase loans worth $1.9 billion last year, helping to
finance the dream of homeownership for those households. It also
made more than 12,500 refinance loans worth $1.3 billion, as well
as home improvement loans. Fifth Third funded 23,791 low- and
moderate-income (LMI) loans in 2016. The year also was notable for
Fifth Third’s creation of a down payment assistance program for LMI
homebuyers or those who purchase in an LMI area. The program
provides participants with up to 3 percent of the purchase price,
up to $3,600 in assistance. Fifth Third also reported $1.96 billion
in small business lending, including $138.7 million in U.S. Small
Business Administration (SBA)-backed loans, as it strives to become
a Top 15 SBA Lender.
Community development loans and investments in 2016 totaled
$2.64 billion, which included $1.5 billion for community
revitalization and stabilization; $588 million for economic
development; $223 million for affordable housing and $182.7 million
in services to LMI communities.
Fifth Third’s Community Commitment also included a five-year,
$154.8 million commitment to fund Fifth Third Impact Programming.
Fifth Third reported $19.1 million in philanthropic donations to
hundreds of organizations throughout its footprint during the first
year. This support included $3.6 million in grants from the Fifth
Third Foundation in the areas of community development, health and
human services, the arts and education, including financial support
for relief agencies after Hurricane Matthew. Fifth Third and the
Foundation also made $7 million in donations to United Way
agencies.
Fifth Third made housing-related investments to organizations
like The Collaborative in Columbus, and small business-related
investments in organizations like the Accion U.S. Network to
support lending to underserved small businesses in Illinois,
Indiana, Florida, Michigan and Ohio.
Fifth Third received approval for three new branches in LMI
areas, and opened the first one, the Summit Financial Center in
Chicago, on Dec. 24. Additionally, Fifth Third increased its use of
diverse suppliers by 73 percent over 2015.
Fifth Third also delivered on its commitment to deliver
financial empowerment programming to its communities by signing a
multi-year contract with EverFi Inc. to deliver a new financial
education and entrepreneurship program to high school students
through its footprint. The Company expanded its Fifth Third Bank
Empower U® program into the communities it serves and reached more
than 3,700 people, including military veterans and their
families.
Fifth Third also did the foundational work to create a national
Community Advisory Forum in 2016, which officially will launch
later this year. The Company also will create five statewide
forums. Over the course of 2016, Fifth Third leadership held 154
community engagement sessions, with the majority of those conducted
with organizations that are affiliated with the National Community
Reinvestment Coalition.
Fifth Third Bancorp is a diversified financial services company
headquartered in Cincinnati, Ohio. As of Dec. 31, 2016, the Company
had $142 billion in assets and operated 1,191 full-service Banking
Centers, including 94 Bank Mart® locations, most open seven days a
week, inside select grocery stores and 2,495 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. As of Dec. 31, 2016,
Fifth Third also had a 17.9 percent interest in Vantiv Holding,
LLC. Fifth Third is among the largest money managers in the Midwest
and, as of Dec. 31, 2016, had $315 billion in assets under care, of
which it managed $31 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
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version on businesswire.com: http://www.businesswire.com/news/home/20170323005841/en/
Fifth Third BancorpStacie Haas,
513-534-5113Stacie.Haas@53.com
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