Fifth Third Bank Strengthens Relationship with Bellwether Enterprise
October 21 2020 - 8:01AM
Business Wire
Bank Announces Second Equity Investment
Lars Anderson, Executive Vice President and
Vice Chairman of Commercial Banking Strategic Growth Initiatives
Appointed to Bellwether’s Board of Directors
Fifth Third Bank, National Association, announced today its
second equity investment in Bellwether Enterprise Real Estate
Capital, LLC (Bellwether Enterprise), the commercial and
multifamily mortgage banking subsidiary of Enterprise Community
Investment Inc. (ECI). In addition, Lars Anderson, executive vice
president and vice chairman of Commercial Banking Strategic Growth
Initiatives for Fifth Third, has been appointed to Bellwether
Enterprise’s Board of Directors.
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“Fifth Third’s follow-on investment in Bellwether Enterprise
demonstrates the Bank’s confidence in our ability to collaborate
and deliver value together for commercial real estate businesses on
a national scale,” said Anderson. “We are pleased to strengthen our
relationship with Bellwether and support the company’s mission to
provide our communities with a stable place to call home. I am also
personally excited about the opportunity to help guide the company
as a member of the organization’s Board of Directors.”
Fifth Third and Bellwether Enterprise announced the strategic
relationship and equity investment from Fifth Third Acquisition
Holdings, LLC., a wholly-owned subsidiary of Fifth Third, in April.
The relationship is designed to offer a broad set of solutions for
the commercial real estate industry.
Given Bellwether Enterprise’s wide capabilities with government
lending programs, including Fannie Mae DUS™, Freddie Mac, FHA,
USDA, and others, the relationship provides long-term agency
financing through Bellwether Enterprise for Fifth Third’s clients.
Additionally, Bellwether Enterprise can leverage Fifth Third Bank’s
short-term and construction lending products, as well as treasury
management, capital markets and investment solutions.
“During challenging economic times, access to capital and
government programs for multifamily housing is as important as
ever,” said Ned Huffman, president and CEO, Bellwether Enterprise.
“We are thrilled to have Fifth Third’s continued support in our
efforts to grow.”
Beekman Advisors advised Bellwether Enterprise on execution of
the transaction. Financial terms were not disclosed.
About Fifth Third
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 June 30, 2020, Fifth Third had $203 billion in
assets and operated 1,122 full-service banking centers and 2,456
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 June 30, 2020, had $405 billion in assets under
care, of which it managed $49 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.
About Bellwether
Enterprise
Bellwether Enterprise is a national,
full-service commercial and multifamily mortgage banking company.
As a subsidiary of Enterprise Community Investment, Bellwether
Enterprise has production offices across the country and an
integrated servicing platform based in Cleveland. With local market
expertise, national lending relationships and financing structure
experience, we provide clients with competitive, creative solutions
for their financing needs. Bellwether Enterprise provides loans for
a range of institutional investors including life insurance
companies, pension funds, commercial banks and CMBS lenders and is
a Fannie Mae Delegated Underwriting and Servicing (DUS®) lender,
Freddie Mac Optigo™ seller/servicer for Conventional and Targeted
Affordable Housing Loans, Federal Housing Administration (FHA)
approved Multifamily Accelerated Processing (MAP) lender and U.S.
Department of Agriculture (USDA) Section 538 Rural Development
lender.
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version on businesswire.com: https://www.businesswire.com/news/home/20201021005149/en/
Fifth Third: Shandi Grant (Media) Shandi.grant@53.com
Chris Doll (Investors) Christopher.doll@53.com Bellwether
Enterprise: Marykate Cary mcary@groupgordon.com
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