Fifth Third Exceeds $180 Million Commitment to Empowering Black Futures Program, Publishes Inaugural Community Impact Report

Rhea-AI Summary

Fifth Third Bank Exceeds $180 Million Commitment in Empowering Black Futures Neighborhood Program, Extends Assistance Through 2025. The program has invested $187 million in nine low-to-moderate income neighborhoods, focusing on economic mobility and inclusive infrastructure. Initiatives include home repairs, community cleanups, and neighborhood revitalization efforts in East Tampa.

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• The program has exceeded its financial commitment, demonstrating Fifth Third's dedication to community impact and inclusion. The extension of technical assistance through 2025 ensures sustained progress and impact in the targeted neighborhoods.

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• None.

Focus on Creating Economic Mobility, Building Inclusive Infrastructure

CINCINNATI--(BUSINESS WIRE)-- Fifth Third Bank, National Association, today announced that its Empowering Black Futures Neighborhood Program has in two years already exceeded the program’s $180 million, three-year commitment. The program has invested $187 million in nine low-to-moderate income neighborhoods that have experienced disinvestment. Fifth Third also is extending technical assistance related to the program by an additional year, through 2025, to ensure continued, sustained impact and progress.

In East Tampa, several initiatives including home repairs, community cleanups, and neighborhood revitalization efforts were undertaken to preserve the legacy of homeownership in the Tampa community. (Photo: Business Wire)

Fifth Third announced comprehensive updates for the neighborhoods, along with progress on additional initiatives to drive transformation in low-to-moderate income areas, in its inaugural Community Impact Report.

The Community Impact Report illustrates Fifth Third’s commitment to building stronger communities and promoting inclusion by partnering directly with individuals in those communities to achieve their plans. Fifth Third’s Empowering Black Futures Neighborhood program effort has five key goals: to create equitable connected systems; improve upward mobility among residents; build inclusive civic infrastructure; promote prosperous small businesses; and develop healthy built environments.

“We’ve been intentional about working with our community stakeholders over the past several years,” said Jada Grandy-Mock, senior vice president and chief community impact officer. “These partnerships have enabled us to pioneer a new model for how we create pathways for economic mobility in low-to-moderate income areas. It’s not just about capital infusion, products and services, but about making connections and bringing the right partners to the table. We’re excited about having a report of sharing our impact in the community across our footprint.”

Fifth Third collaborated with Enterprise Community Partners and key community organizations in each of the neighborhoods to foster implementation of community-driven economic mobility plans.

“It’s been a distinct privilege to work with Fifth Third on their transformative neighborhood program,” said Jacqueline Waggoner, president, solutions division, Enterprise Community Partners. “This program represents a unique and innovative approach, and they are leading it in every way. It’s not just their significant financial investments that are making a difference. Their local teams are on the ground helping to lead and contribute to the development of sustainable, community-driven solutions.”

“We’re in the business of financing and fostering sound community development,” said Keith Burgess, head, Community Development Banking Group. “By focusing on our efforts on historically underserved neighborhoods, our work is having a lasting impact on the people and small businesses who are the backbone of healthy communities.”

The nine neighborhoods are: Avondale in Cincinnati, Ohio; South Chicago in Chicago, Illinois; Buckeye in Cleveland, Ohio; East Tampa in Tampa, Florida; Grove Park in Atlanta, Georgia; Arlington Woods in Indianapolis, Indiana; West End in Charlotte, North Carolina; Near East Side in Columbus, Ohio, and Russell in Louisville, Kentucky.

To read the Community Impact Report in full, visit www.53.com/CIR.

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/20231114010661/en/

Tiffaney Hardy (Media Relations)

tiffaney.hardy@53.com | 513-534-8039

Matt Curoe (Investor Relations)

Matt.Curoe@53.com | 513-534-5100

Source: Fifth Third Bank

FAQ

What is Fifth Third Bank's Empowering Black Futures Neighborhood Program?

Fifth Third Bank's Empowering Black Futures Neighborhood Program is a commitment to investing in low-to-moderate income neighborhoods to drive economic mobility and build inclusive infrastructure.

What initiatives have been undertaken in East Tampa?

Initiatives in East Tampa include home repairs, community cleanups, and neighborhood revitalization efforts to preserve the legacy of homeownership in the community.

What are the key goals of the Empowering Black Futures Neighborhood program?

The key goals include creating equitable connected systems, improving upward mobility, building inclusive civic infrastructure, promoting prosperous small businesses, and developing healthy built environments.