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|Fifth Third Invests $896,500 in Community Markets Through CRA Enterprise Investment Fund|
CINCINNATI, Nov 02, 2011 (BUSINESS WIRE) --
Fifth Third Bancorp today announced $896,500 in grants made from its CRA Enterprise Investment Fund (EIF). Directed by Fifth Third's Community Affairs department, the EIF is designated for Community Reinvestment Act (CRA) initiatives and programs to strengthen CRA lending, investment and service performance across the Company. To date in 2011, Fifth Third has invested $1,262,500 in local communities through the EIF.
Fifth Third Bancorp's affiliates apply for funding and awards are made several times per year. The markets receiving EIF funds in this second round are: Central Florida, Central Indiana, Eastern Michigan, Georgia, Kentucky, North Carolina, Northeastern Ohio, Tampa Bay, and Western Pennsylvania.
"The CRA Enterprise Investment Fund was established so that we could put the resources of our Company into our local affiliate markets," said Gregory Imm, director of Community Affairs. "Our local leadership know their markets and help us to identify the most urgent needs. We feel we can make the greatest impact in local communities."
Contributions from the EIF must directly benefit low- and moderate-income individuals and/or geographies, designated disaster areas; or distressed or underserved non-metropolitan middle-income geographies. They must also have the primary purpose of community development. Project descriptions for the affiliates include:
Fifth Third Bancorp (Nasdaq: FITB) is a diversified financial services company headquartered in Cincinnati, Ohio. The Company has $115 billion in assets and operates 15 affiliates with 1,313 full-service Banking Centers, including 103 Bank Mart(R) locations open seven days a week inside select grocery stores and 2,439 ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Pennsylvania, Missouri, Georgia and North Carolina. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending, and Investment Advisors. Fifth Third also has a 49% interest in Vantiv, LLC, formerly Fifth Third Processing Solutions, LLC. Fifth Third is among the largest money managers in the Midwest and, as of September 30, 2011, had $273 billion in assets under care, of which it managed $23 billion for individuals, corporations and not-for-profit organizations. Investor information and press releases can be viewed at www.53.com. Fifth Third's common stock is traded on the NASDAQ(R) National Global Select Market under the symbol "FITB." Equal Housing Lender. Member FDIC.
SOURCE: Fifth Third Bancorp
Fifth Third Bancorp