Fifth Third Breaks Ground on New Branch in Cincinnati’s Avondale Neighborhood

Branch will expand financial access to residents in a banking desert

CINCINNATI--(BUSINESS WIRE)-- Today Fifth Third (NASDAQ: FITB) and community leaders celebrated the groundbreaking for a new full-service banking center in Cincinnati’s Avondale neighborhood, which has been without a standalone bank branch for nearly five years.

The new branch is expected to open to the public in late summer or early fall and is among 15 banking centers Fifth Third plans to open in low- and moderate-income (LMI) or high minority (HMT) population census tracts this year. The branch will enable Fifth Third to increase financial access for the community while contributing to the revitalization of Avondale.

Fifth Third prioritizes financial access and neighborhood revitalization through its Neighborhood Program, a community development initiative which creates and implements innovative place-based strategies to effect positive change in historically disinvested neighborhoods across the Bank’s 11-state footprint. As Fifth Third strategically expands and opens new financial centers across the U.S., 30% of new branches in development will be in LMI and/or HMT areas. In addition to new centers, Fifth Third offers its Financial Empowerment Mobile, known as the eBus, and Banking to Go kiosks to address gaps in financial services in underserved communities.

“At Fifth Third, we believe that strong banks need strong communities, and strong communities need strong banks,” said Kala Gibson, chief corporate responsibility officer for Fifth Third. “We are proud to contribute to the revitalization of Avondale by expanding financial access through this new branch, in addition to many other community investments in recent years.”

Located in the Avondale Town Center, the new branch will be a model for innovation and sustainability, occupying 2,024 square feet in a storefront along Reading Road. The existing full service drive-up ATM in the town center parking lot will remain. Inside, the center’s open design will make it easy for customers to get quick digital service or discuss more complex banking products, like college savings plans, mortgages, or retirement solutions. The new, streamlined building will feature flexible meeting and seating areas that offer adjustable layers of privacy. The branch is expected to open in late summer or early fall 2025, with Walnut Hills-based Triversity Construction serving as the general contractor. Soul Palette, a local Cincinnati artist, will design and install a mural that celebrates Avondale’s history.

“We are able to celebrate the opening of this Avondale location because of the special bond that exists between our community partners and our local Fifth Third team,” said Tim Elsbrock, president, Fifth Third Bank, Greater Cincinnati Region. “This is the result of many years of conversations, planning and hard work that allowed for a shared commitment to provide resources for the good of our community."

Avondale, Cincinnati’s largest African American community, has experienced decades of disinvestment leading to population decline, aging housing stock and increased poverty.

"The Avondale Development Corporation is excited to welcome Fifth Third to our Avondale community,” said Russell Hairston, executive director of the Avondale Development Corporation. “This is more than just a bank opening; it represents a commitment to Avondale's future. This marks a significant step toward economic empowerment and neighborhood revitalization. By providing accessible financial services, small business support, and homeownership opportunities, Fifth Third is helping to create a more financially inclusive Avondale. We look forward to partnering with them on financial literacy programs, workforce development initiatives, and community investment strategies that will uplift residents and drive sustainable growth, which aligns with ADC’s mission to foster sustainable community development.”

Fifth Third launched its neighborhood program in 2021, taking a place-based approach to community development where the Bank works with a lead partner organization and other local organizations to build ecosystems that drive real change through both financial and social investments. This collective ecosystem approach is focused on identifying solutions to key challenges in partnership with the community, with the goal of creating lasting, transformative change.

In partnership with the Avondale Development Corporation and other community partners, Fifth Third has made $33.6 million in direct investments into Avondale and helped catalyze $17.9 million from other entitles for a total financial impact of $51.5 million.

Key initiatives include:

• Blair Lofts: The Fifth Third Community Development Corporation invested $15.5 million into Blair Lofts in 2021. The 64-unit affordable housing development located on Reading Road features one-, two-, or three-bedroom apartments, on-site management and amenities that include laundry, resident storage spaces, a community kitchen and a fitness center. Fifth Third also funded wrap-around services such as a move-in care package for residents, financial education workshops, funding so that 55 children could attend a summer camp, furnishing for the community room, and five desktop computers and furnishings for a computer lab.

• Carthage Flats: Fifth Third is providing equity and construction financing for Carthage Flats in Cincinnati. Located on Vine Street, Carthage Flats is a 45-unit affordable housing development that has received a 4% low-income housing tax credit award. The property is designed for family households with incomes up to 30-, 50- and 60% of the area median income. All 45 units will operate with Permanent Supportive Housing funding and target those who are homeless or at risk of homelessness. The housing is being built on a long-vacant site.

• Digital Accessibility: Fifth Third has been working to help close the digital divide and bring Avondale residents into the technology mainstream. Key partners in the effort include the Avondale Development Corporation, Uptown Consortium Inc., and the University of Cincinnati. Following a community-wide assessment of the neighborhood and its needs, in fall 2024 the partners began replacing non-functional and outdated equipment at eight housing complexes and adding service in two locations that were not previously served, thanks to funding from the United Way of Greater Cincinnati. In early 2025, 319 apartments are expected to have free internet connectivity, including 779 residents and 374 school-age students. Six free outdoor hotspots are also being installed along Reading Road. The final phase includes a neighborhood-wide Wi-Fi project that will provide free and/or discounted servicing throughout all of Avondale.

About Fifth Third

Fifth Third is a bank that’s as long on innovation as it is on history. Since 1858, we’ve been helping individuals, families, businesses and communities grow through smart financial services that improve lives. Our list of firsts is extensive, and it’s one that continues to expand as we explore the intersection of tech-driven innovation, dedicated people and focused community impact. Fifth Third is one of the few U.S.-based banks to have been named among Ethisphere’s World’s Most Ethical Companies^® for several years. With a commitment to taking care of our customers, employees, communities and shareholders, our goal is not only to be the nation’s highest performing regional bank, but to be the bank people most value and trust.

Fifth Third Bank, National Association is a federally chartered institution. Fifth Third Bancorp is the indirect parent company of Fifth Third Bank and its common stock is traded on the NASDAQ^® Global Select Market under the symbol "FITB." Investor information and press releases can be viewed at www.53.com. Deposit and credit products provided by Fifth Third Bank, National Association. Member FDIC.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250312100305/en/

Nate Paszczykowski (Media Relations)

nathan.paszczykowski@53.com | 513-534-5597

Matt Curoe (Investor Relations)

matt.curoe@53.com | 513-534-2345

Source: Fifth Third

FAQ

When will Fifth Third's new Avondale branch in Cincinnati open?

The new FITB branch is scheduled to open in late summer or early fall 2025.

How many banking centers is Fifth Third (FITB) planning to open in low-income areas this year?

Fifth Third plans to open 15 banking centers in low- and moderate-income or high minority population census tracts this year.

What is the total investment made by Fifth Third Bank in Cincinnati's Avondale neighborhood?

Fifth Third has invested $33.6 million directly and helped catalyze an additional $17.9 million from other entities, totaling $51.5 million in financial impact.

How many affordable housing units will Fifth Third's Blair Lofts investment create in Avondale?

The $15.5 million investment in Blair Lofts will create 64 affordable housing units with various amenities.

What digital accessibility improvements is Fifth Third bringing to Avondale residents?

Fifth Third is providing free internet connectivity to 319 apartments, benefiting 779 residents and 374 students, plus installing six free outdoor hotspots along Reading Road.