Press release
Fifth Third Boosts Investment in Detroit Minority Depository Institution
Additional $2.5 million makes Fifth Third largest financial supporter in First Independence Bank CINCINNATI--(BUSINESS WIRE)-- Fifth Third Community
About this update from Fifth Third Bancorp
[{"type":"text","content":"\nAdditional $2.5 million makes Fifth Third largest financial supporter in First Independence Bank\n\n CINCINNATI--(BUSINESS WIRE)--\nFifth Third Community Development Corp., a wholly owned subsidiary of Fifth Third Bancorp, has announced it is investing an additional $2.5 million in Detroit-based First Independence Bank. The move makes Fifth Third the largest investor at a total of $5.5 million in the minority depository institution and community development financial institution (CDFI).\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210614005693/en/Kala Gibson, Fifth Third Bank’s head of business banking and chief enterprise corporate social responsibility officer (Photo: Business Wire)\n“CDFIs are critical to creating and preserving wealth in minority communities,” said Kala Gibson, Fifth Third Bank’s head of business banking and chief enterprise corporate social responsibility officer. “It is imperative that larger financial services institutions support these organizations to ensure their viability and longevity.”\n\n“We are proud to strengthen our partnership with Fifth Third Bank through this additional investment. The confidence shown in First Independence Bank will allow us as a minority depository institution to further strengthen communities that we have served for more than 51 years,” said Kenneth Kelly, chairman and CEO of First Independence Bank. “The courage of the leadership team at Fifth Third to increase their investment in First Independence Bank is the epitome of speaking about inclusion and demonstrating inclusion in a tangible manner.”\n\nAs defined by the FDIC, a minority depository institution may be a federal insured depository institution in which at least 51% of the voting stock is owned by minority individuals; or a majority of the board of directors is minority and the community that the institution serves is predominantly minority. Ownership must be by U.S. citizens or permanent, legal U.S. residents to be counted in determining minority ownership.\n\nFifth Third has been First Independence Bank’s primary correspondent bank, managed out of Fifth Third’s Financial Institutions Group, which provides correspondent banking and treasury management services to financial institutions of all sizes. As part of this latest investment, which follow...