Business Wire: Fifth Third delivers $20.3 billion of its Community Commitment at conclusion of plan’s third year
Business Wire, April 1st, 2019: Fifth Third delivers $20.3 billion of its community commitment at conclusion of plan’s third year
The Community Commitment was first announced in 2016 as a $27.5 billion plan over five years. Later that year, it was increased to $30 billion upon consultation with more than 200 community groups and the National Community Reinvestment Coalition (NCRC). In 2018, the bank expanded the commitment to $32 billion in consideration of its planned expansion in Chicago as a result of the merger with MB Financial, which closed March 22, 2019.
The $20.3 billion delivered under the commitment has directly benefited the communities served by Fifth Third through mortgage lending, especially in low- and moderate-income (LMI) communities; small business lending and investments; and community development loans and investments. It also has supported Fifth Third Impact initiatives, including philanthropy, housing and small business-related investments, financial empowerment programming, branches and staffing, and inclusion and supplier diversity.
“It’s important for us to report our annual progress under the Commitment to the communities we serve,” said Greg D. Carmichael, chairman, president and chief executive officer of Fifth Third Bancorp. “Not only does it hold us accountable to the promises we’ve made, but it also gives us the opportunity to share how our collaboration with community organizations and partners is having a real impact in people’s lives. We are pleased with our delivery of $20.3 billion in community support over the last three years, and look forward to continuing our progress.”