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Fifth Third Bank CEO Greg Carmichael Honored as Responsible CEO of the Year for Community Impact
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3BL Media has awarded Greg D. Carmichael, chairman and CEO of Fifth Third Bank, the 2021 Responsible CEO of the Year for Community Impact. Under Carmichael's leadership, the bank exceeded its five-year commitment to invest $32 billion in communities, delivering $41.6 billion in support. Fifth Third achieved carbon neutrality in 2020 and aims for $8 billion in sustainable financing by 2025. The bank also initiated a $2.8 billion Racial Equality, Equity and Inclusion initiative, pledging $180 million for revitalizing majority-Black communities.
Positive
Exceeded five-year commitment with $41.6 billion investment in communities, surpassing initial $32 billion goal by 30%.
Achieved carbon neutrality for operations in 2020.
Set a goal of $8 billion in sustainable financing by 2025.
Initiated a $2.8 billion Racial Equality, Equity and Inclusion initiative.
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NORTHAMPTON, Mass. & CINCINNATI--(BUSINESS WIRE)--
3BL Media announced the recipients of the 2021 Responsible CEO of the Year Awards. Responsible CEO of the Year: Community Impact was awarded to Greg D. Carmichael, chairman and CEO, Fifth Third Bank.
Greg D. Carmichael, chairman and CEO of Fifth Third Bank (Photo: Business Wire)
3BL Media announced the 2021 Responsible CEO of the Year Awards to recognize corporate executives who embody bold, innovative leadership in delivering on environmental, social and governance (ESG) commitments—and this year’s honorees demonstrate a commitment to ESG, worldwide and community impact, transparency, and brands taking stands leadership.
Driven by Carmichael’s leadership and vision, Fifth Third Bank in 2016 made a five-year commitment to invest $32 billion in the communities it serves. Five years later, the Bank exceeded that commitment by 30% by delivering $41.6 billion to support mortgage lending, small business lending and community development loans and investments. Additionally, the Bank leads in the transition to a sustainable future by achieving carbon neutrality for its own operations in 2020, setting bold environmental goals, including $8 billion in sustainable financing by 2025, and joining the Partnership for Carbon Accounting Financials (PCAF) and Ceres Network. In 2020, the Bank committed to a $2.8 billion Accelerating Racial Equality, Equity and Inclusion initiative, including a recently-announced innovative Neighborhood Investment Program that will invest an unprecedented $180 million to stabilize and revitalize nine majority-Black communities that have experienced disinvestment.
Congratulations to Greg Carmichael for the 2021 Responsible CEO of the Year for Community Impact for his exceptional leadership and dedication to Fifth Third Bank's significant impact on the communities it serves.
"Neighborhoods thrive when there's capital available for those eager to start a small business or buy a house,” said Dave Armon, CEO, 3BL Media. “Fifth Third Bank's ambitious five-year program to re-invest more than $40 billion in community revitalization was a game-changer—and it’s obvious the Bank has a clear plan to continue its significant impact programming and investments. All of us at 3BL Media applaud Greg Carmichael for his bold leadership.”
“It is truly an honor to be recognized as Responsible CEO of the Year for Community Impact,” said Carmichael. “This is a testament to the hard work of everyone at Fifth Third and the many communities we serve who have joined with us to improve lives and the well-being of our communities. We are committed to doing well by doing good for all of our stakeholders.”
Being recognized as a Responsible CEO is especially meaningful as the judging panel consists of past recipients of 3BL Media’s Responsible CEO of the Year Awards.
About 3BL Media
3BL Media delivers purpose-driven communications for the world's leading companies. Our unrivaled distribution, leadership and editorial platforms inspire and support global sustainable business, reaching 10+ million change-makers.
About Fifth Third Bank
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, 2021, Fifth Third had $208 billion in assets and operated 1,100 full-service banking centers and 2,336 branded ATMs 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 52,000 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, 2021, had $541 billion in assets under care, of which it managed $61 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.
What investment commitment did Fifth Third Bank exceed?
Fifth Third Bank exceeded its five-year commitment by investing $41.6 billion, surpassing the initial $32 billion goal.
Who received the Responsible CEO of the Year Award in 2021?
Greg D. Carmichael, chairman and CEO of Fifth Third Bank, received the 2021 Responsible CEO of the Year Award for Community Impact.
What are Fifth Third Bank's sustainability goals?
Fifth Third Bank aims for $8 billion in sustainable financing by 2025 and achieved carbon neutrality in 2020.
What is the focus of Fifth Third Bank's Racial Equality initiative?
The Racial Equality, Equity and Inclusion initiative focuses on investing $2.8 billion, including $180 million to revitalize nine majority-Black communities.
