Fifth Third Bank Announces Participation in Office of the Comptroller’s Project REACh

Rhea-AI Summary

Fifth Third Bank has joined the Office of the Comptroller of the Currency’s Project REACh initiative, aiming to enhance financial inclusion. This collaboration seeks to address structural barriers affecting access to credit, affordable housing, and support for minority depository institutions. The initiative aligns with Fifth Third’s $2.8 billion Accelerating Racial Equity Equity and Inclusion initiative. The bank recently invested an additional $2.5 million in First Independence Bank, bringing its total investment to $5.5 million, enhancing its role in promoting financial equity.

Positive

• Joined Project REACh to enhance financial inclusion.
• Invested $2.5 million in First Independence Bank, totaling $5.5 million.
• Alignment with $2.8 billion Racial Equity initiative.

Negative

• None.

Fifth Third Bank, National Association, today joined the Office of the Comptroller of the Currency’s Project REACh initiative. Project REACh (Roundtable for Economic Access and Change) is a collaborative effort that involves leaders from banking, business, technology, and national civil rights organizations to remove structural barriers to financial inclusion and increase broader participation in the national economy.

Greg Carmichael, chairman and CEO of Fifth Third Bank (Photo: Business Wire)

“We are proud to work alongside the OCC in an effort to remove barriers to financial inclusion and support our local communities becoming stronger and more prosperous,” said Greg Carmichael, chairman and CEO of Fifth Third Bank. “Financial inclusion is vital to the well-being of the communities we serve and this effort further bolsters Fifth Third’s work to accelerate racial equality and inclusion.”

The OCC announced Project REACh in July 2020 with goals to:

• Reduce the number of people left behind because they lack useful credit scores.

• Increase access to affordable housing.

• Support the vitality of minority depository institutions and small businesses.

Project REACh aims to achieve several changes nationwide that promote financial empowerment. The strategy will also implement successful local projects that can serve as models for financial inclusion, wealth building and addressing issues of financial inequality in areas such as credit alternatives, affordable housing, small business lending and supporting minority depository institutions. Fifth Third has dedicated resources to address these workstreams created by the OCC to drive positive change for its customers. The OCC’s Project REACh aligns with the community and advocacy workstreams from the Bank’s $2.8 billion Accelerating Racial Equality Equity and Inclusion initiative. As part of this work, the Bank recently invested an additional $2.5 million in Detroit-based First Independence Bank. The move makes Fifth Third the largest investor at a total of $5.5 million in the minority depository institution and community development financial institution (CDFI).

For More Information visit occ.gov/reach. To learn more about Fifth Third’s Accelerating Racial Equality, Equity and Inclusion initiative, visit www.53.com/racialequity.

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 March 31, 2021, Fifth Third had $207 billion in assets and operated 1,098 full-service banking centers and 2,383 ATMs with Fifth Third branding in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia, North Carolina and South 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 March 31, 2021, had $464 billion in assets under care, of which it managed $58 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/20210715005963/en/

FAQ

What is Project REACh and how is Fifth Third Bank participating?

Project REACh, initiated by the OCC, aims to improve financial inclusion. Fifth Third Bank joins this effort to remove barriers and promote economic access.

What is Fifth Third Bank's investment in First Independence Bank?

Fifth Third Bank has invested a total of $5.5 million in First Independence Bank as part of its commitment to financial equity.

How does Fifth Third Bank support racial equity and inclusion?

Fifth Third Bank supports racial equity through its $2.8 billion initiative aimed at addressing economic disparities and enhancing community access to financial resources.

What are the goals of Project REACh?

The goals of Project REACh include reducing the number of individuals without useful credit scores, increasing access to affordable housing, and supporting minority depository institutions.