Fifth Third Bancorp (NASDAQ:FITB)
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6 Months : From Oct 2019 to Apr 2020
Fifth Third Community Development Co. LLC II, a wholly owned, indirect subsidiary of Fifth Third Bank, National Association, closed more than $338 million in equity investments in 2019. The money funded more than 200 initiatives. The CDC focuses on affordable housing through the creation or preservation of housing units, small business access to capital and revitalization of distressed areas by investing in commercial and retail offices that benefit low- to moderate-income communities and people.
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Catherine Cawthon, Fifth Third Bank's CDC President (Photo: Business Wire)
“The Fifth Third CDC works with partners to invest in rejuvenating neighborhoods where people will have the opportunity to thrive in the environments where they live and work,” said Catherine Cawthon, CDC president.
The CDC has invested more than $850 million as part of Fifth Third Bank’s five-year Community Commitment, which was established at $30 billion in 2016 and increased to $32 billion in 2018.
Notable CDC investments in 2019 included $8 million toward the affordable housing portion of the redevelopment of the Dayton Arcade, a nine-building, 330,000-square-foot complex in the heart of Dayton, Ohio, and $9 million in the Montclare Senior Apartments community in Chicago, which includes 101 affordable housing units. As a longtime supporter of the Ohio Capital Impact Corp., a subsidiary of the Ohio Capital Corporation of Housing, the CDC also provided funding to send more than 800 children to summer camp and to provide backpacks to help prepare school-age children in Columbus, Ohio, for the school year.
Logan Towers, an initiative of Talbert House, one of the largest social services organizations in Cincinnati, received $8.8 million from the CDC in 2019. The project will renovate an historic building in Cincinnati’s Over-the-Rhine neighborhood to create 63 redesigned apartments, 33 of which will be permanent supportive housing units through Talbert House. The rest will be affordable rental units. All the units have affordability at 30%, 50% and 60% of the area median income. They also have accessibility features to allow people with disabilities to live independently.
The Dayton YWCA also received CDC funds to assist with the redevelopment and reconfiguration of 65 apartment units. The renovated building will also house a domestic violence shelter and space where support services – including mental health and chemical dependency counseling, vocational programs, money management services, a food pantry, transportation assistance, emergency client assistance and a computer lab – will be offered.
David Thompson, vice president for housing of Model Group, the development construction management firm for the Logan Towers and Dayton YWCA projects, explained the importance of collaboration between Model Group and the CDC. “Bringing important community development and affordable housing projects like the Dayton YWCA or Logan Towers to fruition requires lots of financing and lots of partners,” he said. “Having Fifth Third’s CDC as a trusted and knowledgeable financing partner gives us confidence that we can get these types of complex projects done in a way that will benefit the communities they serve. The Model Group has enjoyed working with Fifth Third’s CDC on multiple high-impact developments and looks forward to working with the CDC team in the future.”
To learn more about Fifth Third’s community development and empowerment efforts, please visit go.53.com/Community.
About Fifth Third Bancorp
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio, and the indirect parent company of Fifth Third Bank, National Association, a federally chartered institution. As of Sept. 30, 2019, Fifth Third had $171 billion in assets and operated 1,143 full-service banking centers and 2,487 ATMs with Fifth Third branding in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia and North Carolina. In total, Fifth Third provides its customers with access to approximately 53,000 fee-free ATMs across the United States. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending and Wealth & Asset Management. Fifth Third is among the largest money managers in the Midwest and, as of Sept. 30, 2019, had $397 billion in assets under care, of which it managed $46 billion for individuals, corporations and not-for-profit organizations through its Trust and Registered Investment Advisory businesses. 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. Deposit and Credit products are offered by Fifth Third Bank, National Association. Member FDIC.
View source version on businesswire.com: https://www.businesswire.com/news/home/20191230005260/en/
Danielle Jones (Media Relations)
Danielle.Jones@53.com | 513-534-0162
Chris Doll (Investor Relations)
Christopher.Doll@53.com | 513-534-2345