Fifth Third Bancorp Stock Price, News & Analysis

The Foundation Office at Fifth Third Bank has announced that its grant application process for the Cincinnati, Dayton, Northern Kentucky, and Piqua regions will be open from October 1 to November 22, 2024. Grants awarded will be distributed by April 1, 2025. In 2023, ten private family foundations in The Foundation Office awarded grants totaling $6.9 million.

Eligible applicants include 501(c)(3) nonprofit organizations operating in the specified regions. Churches and religious organizations can apply for non-denominational programming. The Foundation Office manages over 300 private and corporate foundations, supporting various causes from education to environmental projects.

New this year, there are two application links: a Regional Application and The Ohio Valley Foundation Application, which funds small equipment, technology, and capital improvement projects up to $25,000.

The Fifth Third Foundation is supporting communities affected by Hurricane Helene in the southeastern U.S. through donations to the American Red Cross and local nonprofits. The foundation has contributed $350,000 to Red Cross Disaster Relief, including $100,000 specifically for aid in the Carolinas. Additionally, $125,000 has been committed to nine community-based nonprofits and food banks across affected states.

As a member of the Red Cross Disaster Responder Program, Fifth Third's donations enable preparation, response, and recovery efforts for various disasters. The Red Cross has deployed over 1,200 disaster workforce volunteers and 60 emergency response vehicles to distribute meals, water, and critical supplies in accessible hard-hit areas.

Fifth Third's regional president for the Carolinas, Lee Fite, emphasized the company's commitment to supporting local recovery efforts, while the Red Cross expressed gratitude for Fifth Third's support in providing comfort and care to those in need.

Fifth Third Bank has announced a new structure within its Commercial Bank, focusing on Corporate & Investment Banking. This reorganization aims to enhance the bank's ability to serve clients with a broader array of services, including more complex financial activities and expert investment advice.

The new structure, led by Kevin Khanna as Head of Corporate & Investment Banking, integrates key sales functions and coverage teams under one umbrella. It supports industry-specific verticals such as Consumer and Retail, Energy, Financial Institutions, Healthcare, and Technology, among others. The division also encompasses Investment Banking, Corporate Finance & Advisory, and Financial Sponsors groups.

According to Kevin P. Lavender, head of Commercial Banking, this reorganization streamlines operations and enables the bank to serve clients' dynamic needs more effectively, positioning the Commercial Bank for future growth and opportunity.

Fifth Third Bank has been recognized as a 2024 Leading Disability Employer by the National Organization on Disability (NOD). This award acknowledges Fifth Third's efforts in disability inclusion across various areas, including workforce strategy, talent metrics, sourcing, culture, and workplace accessibility.

Key highlights of Fifth Third's inclusive practices include:

• Nine Business Resource Groups empowering employees to advance inclusion
• Founding partner of Project SEARCH, training over 400 students with disabilities since 2005
• First bank to design a checking account for the Achieving a Better Life Experience (ABLE) program
• Received a top score of 100 on the Disability Equality Index® for the fourth consecutive year

The bank's commitment to creating an inclusive environment is emphasized by its leadership, aiming to provide a workplace where employees feel valued, respected, and understood.

Fifth Third Bank has announced that Melissa Stevens, chief marketing officer, has been named to the 2024 Most Powerful Women to Watch list by American Banker for the sixth consecutive year. This annual list recognizes influential leaders in top banks and financial institutions.

Stevens oversees marketing, communications, and workplace services at Fifth Third Bank. Her teams play a important role in the Bank's Southeastern US market expansion, which has seen the construction of over 100 de novo branches since 2018. These new branches are exceeding expectations for household growth.

The American Banker's recognition process involves a rigorous nomination procedure to select top-performing female executives in banking. The publication also recognizes Most Powerful Women in Banking, Most Powerful Women in Banking Top Teams, and Most Powerful Women in Banking: Next.

Fifth Third New Markets Development Company has received a $50 million allocation in New Markets Tax Credits from the U.S. Department of the Treasury's Community Development Financial Institutions Fund. This allocation is part of a $5 billion Treasury fund distributed among 104 community development entities across the U.S.

The New Markets Tax Credit Program aims to attract private investment capital to economically distressed communities. Fifth Third's Community Development Company (CDC) invests in real estate developments across the Bank's 11-state footprint, focusing on affordable housing, small business spaces, and community facilities.

This allocation enhances Fifth Third's ability to drive capital into communities and support its Neighborhood Program, which has already exceeded its initial $180 million commitment, reaching $187 million in just two years. The program focuses on implementing innovative place-based strategies in nine historically disinvested neighborhoods.

Fifth Third has been recognized by USA Today as one of America's Climate Leaders 2024 for its significant reduction in greenhouse gas emissions. The bank has achieved a 48% reduction in GHG emissions since 2014 through efforts in building operations, corporate transport, and business travel. Fifth Third has also celebrated five years of 100% renewable power, with solar power generation in 2023 equating to emissions from over 29,000 passenger vehicles. The bank has committed to reducing energy usage by 40% by 2030 and has already surpassed this goal by achieving a 45% reduction. Additionally, Fifth Third aims to provide $100 billion in environmental and social finance by 2030, having already provided $37.6 billion. The bank's sustainability data is published in its 2023 Sustainability Report.

Fifth Third Bank announces that Bridgit Chayt, head of commercial payments and treasury management, has been named to American Banker's 2024 Most Powerful Women in Banking list for the second consecutive year. Chayt will participate in a panel discussion at the conference on October 23, sharing insights on leadership and organizational culture.

Under Chayt's leadership, Fifth Third's commercial payments business ranks sixth largest in the U.S. by revenue, with a top-five market share in six payment categories, processing $17 trillion in annual payments volume. CEO Tim Spence praised Chayt's role in building the Commercial Payments division and her strategic vision in acquisitions and implementations.

The American Banker's Most Powerful Women in Banking list, running for over 20 years, recognizes top-performing female executives in banking through a rigorous nomination process.

Fifth Third's Newline™ has been awarded the Best New Embedded Finance Platform by Tearsheet as part of its 2024 Big Bank Theory Awards. This recognition celebrates innovation in banking and embedded finance. Recently, Newline™ has expanded its capabilities through partnerships with Trustly and Stripe, powering Stripe Treasury and expanding embedded financial services for platform users and their customers.

Fifth Third's commercial payments business currently processes $17 trillion in annual payments volume. The Bank has a long history of delivering innovative payment strategies and scalable technology solutions for businesses worldwide, including some of the earliest e-commerce companies.