Fifth Third Community Development Co. Invests More than $338 Million in 2019
December 30 2019 - 11:32AM
Business Wire
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.
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Danielle Jones (Media Relations) Danielle.Jones@53.com |
513-534-0162
Chris Doll (Investor Relations) Christopher.Doll@53.com |
513-534-2345
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