Press release
Fifth Third Exceeds Five-Year Community Commitment, Achieves $41.6 Billion in Support Against $32 Billion Goal
CINCINNATI--(BUSINESS WIRE)-- Fifth Third Bank, National Association, today reports that it has exceeded the financial goal of the five-year Community
About this update from Fifth Third Bancorp
[{"type":"text","content":" CINCINNATI--(BUSINESS WIRE)--\nFifth Third Bank, National Association, today reports that it has exceeded the financial goal of the five-year Community Commitment it made in 2016. Fifth Third has delivered $41.6 billion in lending and investments, 130% of the $32 billion target* it announced with the National Community Reinvestment Coalition, together with more than 145 community signatories throughout its footprint.\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210402005148/en/Fifth Third Exceeds Five-Year Community Commitment, Achieves $41.6 Billion in Support Against $32 Billion Goal. (Graphic: Business Wire)\nThe Community Commitment was announced in early 2016 as a $27.5 billion plan over five years. Later that year, it was increased to $30 billion upon consultation with hundreds of community groups and the NCRC. In 2018, the Bank again expanded the commitment, to $32 billion, in consideration of its planned expansion in Chicago through its acquisition of MB Financial, Inc. The $32 billion pledge included mortgage lending, small business lending, and community development loans and investments.\n\nThe Bank also delivered $378 million in Fifth Third Impact Programming, surpassing its pledge to deliver $213.2 million in additional housing and small business technical assistance; financial empowerment programming; inclusion initiatives and supplier diversity; branches and staffing; and other programs and services. As part of our impact programming pledge, Fifth Third delivered $112.9 million in philanthropy.\n\nFifth Third Chairman and CEO Greg D. Carmichael said, “We thank the NCRC and the communities we serve for teaming up to help the Bank develop a Community Commitment five years ago that would have a lasting impact. Their collaboration and precious insights on behalf of their communities guided us to deliver a better plan. By relying on the experiences gained over the last five years – including addressing the effects of the pandemic and racial inequities this past year – we’ll move forward with confidence as we determine to do well by doing good.”\n\n“The community benefits agreement we established with Fifth Third Bank in 2016 was one of our first and largest,” said Jesse Van Tol, CEO of NCRC. “We are happy to see it come to fruition over the past five yea...