Fifth Third Invests $266,000 in Community Markets Through CRA Enterprise Investment Fund

Fifth Third Bancorp today announced $266,000 in grants made from its CRA Enterprise Investment Fund (EIF). Directed by Fifth Third’s Community Affairs department, the EIF is designated for Community Reinvestment Act (CRA) initiatives and programs to strengthen CRA lending, investment and service performance across the Company. Fifth Third will invest $1 million in local communities through the EIF in 2011.

Fifth Third Bancorp’s affiliates apply for funding and awards are made four times per year. The markets receiving EIF funds in the first round are: Southern Indiana, Western Pennsylvania, South Florida, North Carolina, St. Louis, and Western Michigan.

“We are thrilled to announce our first round of funding through the CRA Enterprise Investment Fund,” said Gregory Imm, director of Community Affairs. “The existence of the Fund enables our affiliate banks—who know their local communities better than anyone—to make special funding requests to meet a specific need. Combined with our other CRA efforts and outreach, the Fund enables us to be responsive and active in the markets we serve.”

Contributions from the EIF must directly benefit low- and moderate-income individuals and/or geographies, designated disaster areas; or distressed or underserved non-metropolitan middle-income geographies. They must also have the primary purpose of community development. Project descriptions for the affiliates include:

North Carolina will work with Charlotte-Mecklenburg Housing Partnership, Inc. to provide homebuyer assistance, financial education, delinquency prevention and foreclosure counseling.
St. Louis, in conjunction with the Justine Petersen Housing & Reinvestment Corporation, will use the grant to support technical assistance and lending to entrepreneurs participating in the Small Business Administration micro-loan revolving loan fund.
Southern Indiana will work with ECHO Housing Corporation to provide assistance for a permanent supportive apartment complex for homeless veteran families.
South Florida will use the funding for the Empowerment Alliance of Southwest Florida Community Development Corporation’s housing counseling and financial education program for low-income residents.
Western Michigan will provide the Cornerstone Alliance the means to expand its small business services program.
Western Pennsylvania will support a combination of financial education through Neighborhood Housing Services Inc., including credit/budget counseling and foreclosure mitigation services for communities located in Allegheny County, PA.

Fifth Third Bancorp (NASDAQ: FITB) is a diversified financial services company headquartered in Cincinnati, Ohio. The Company has $111 billion in assets and operates 15 affiliates with 1,314 full-service Banking Centers, including 103 Bank Mart® locations open seven days a week inside select grocery stores and 2,434 ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Pennsylvania, Missouri, Georgia and North Carolina. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending, and Investment Advisors. Fifth Third also has a 49% interest in Fifth Third Processing Solutions, LLC. Fifth Third is among the largest money managers in the Midwest and, as of December 31, 2010, had $266 billion in assets under care, of which it managed $25 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® National Global Select Market under the symbol "FITB." Copyright © 2011 Fifth Third Bank, Member FDIC, All Rights Reserved.

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