Press release
Fifth Third Bank Announces $100 Million Investment in Opportunity Zones
NEW YORK & CHICAGO--(BUSINESS WIRE)-- Fifth Third Bank, National Association, announced today that it would invest $100 million in projects that support
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[{"type":"text","content":" NEW YORK & CHICAGO--(BUSINESS WIRE)--\nFifth Third Bank, National Association, announced today that it would invest $100 million in projects that support community development through four Opportunity Zone fund partners. The first two partners were announced at a 9:00 AM press conference at the national headquarters of Local Initiatives Support Corporation (LISC). The National Equity Fund, an affiliate of LISC, and Raymond James will be the first two partners to identify and structure investments meeting the Bank’s criteria. The remaining two partners will be announced in Chicago on Monday, Jan. 27.\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200124005309/en/Byna Elliott, chief enterprise responsibility officer, Fifth Third Bank; Maurice A. Jones, LISC president and CEO; Catherine Cawthon, Fifth Third CDC president; and Jesse Van Tol, CEO National Community Reinvestment Coalition discuss Fifth Third's $100M investment in projects that support community development through four Opportunity Zone fund partners. (Photo: Business Wire)\n\nThe funds will be used to develop projects in low-income urban and rural communities across the Bank’s 10-state footprint. This investment represents one of the largest made by an institution with a social impact investment strategy in Opportunity Zones.\n\n\n“We are committed to forging impactful partnerships that deliver community revitalization,” said Greg D. Carmichael, chairman, president & CEO, Fifth Third Bank. “We are proud to use this innovative approach to ensure our capital will serve the communities that are most in need.”\n\n\n“This long-term investment in Opportunity Zones is a call to action for communities to partner with institutions that are aligned with making a social investment,” said Byna Elliott, chief enterprise responsibility officer. “Building affordable and middle-income housing, increasing capital for small businesses and workforce development programs benefits all of our community stakeholders.”\n\n\nDesigned to spur long-term private sector investment into economic development and job creation in economically distressed communities, Opportunity Zones were established as part of the 2017 Tax Cut and Jobs Act to promote investment and development in a significant number of qualified low-income census tract...