CINCINNATI--(BUSINESS WIRE)--Mar. 9, 2012--
Fifth Third Bancorp today announced $650,000 in grants from its
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. The Fund debuted in 2011 and
invested $1.4 million in local communities in its first year.
Fifth Third created the Enterprise Investment Fund to get more Bank
resources into local communities. Fifth Third Bancorp’s affiliates apply
for funding and awards are made several times per year. The markets
receiving EIF funds in the first round of 2012 are: Central Florida,
South Florida, Georgia, Eastern Michigan, Greater Cincinnati, Central
Ohio, Northwestern Ohio and North Carolina.
“Our Enterprise Investment Fund puts funds directly into local markets
where our local leadership identifies the areas of the greatest need and
where we can make maximum positive impact,” said Gregory Imm, senior
vice president & director of Community Affairs. “We are proud of what we
invested through this Fund in our first year and have great enthusiasm
for what we can accomplish in 2012.”
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 Bank (Central Florida) was awarded $60,000 for the
Jacksonville Chamber Foundation, Inc., for Get Smart, a new
entrepreneurial education and mentoring program that combines hands-on
mentoring with a series of training workshops.
Fifth Third Bank (South Florida) was awarded $35,000 for the
Housing Development Corporation of SW Florida for its homebuyer
education and financial literacy program. Additionally, a $25,000
grant will go to Goodwill Industries of Southwest Florida for its
microenterprise program that provides training and grants for the
unemployed, individuals with low- and moderate-incomes, and/or other
disadvantages to start their own small business or microenterprise.
Fifth Third Bank (Georgia) received $100,000 for Sustainable
Neighborhood Development Strategies to help establish the Pittsburgh
Revitalization Fund, which will rehabilitate foreclosed houses
acquired with resources provided by the city of Atlanta. It also
received $20,000 to support the Consumer Credit Counseling Service of
Middle Georgia for its Financial Literacy for All education program.
Fifth Third Bank (Eastern Michigan) will support Detroit
Economic Growth with a $150,000 grant for its Jefferson Village
Neighborhood Investment project in Detroit.
Fifth Third Bank (Greater Cincinnati) was awarded $30,000 for
the Local Initiatives Support Corporation (Greater Cincinnati) for
Financial Opportunity Centers throughout the region. The centers help
families build self-sufficiency and stabilize finances.
Fifth Third Bank (Central Ohio) will use its $50,000 EIF grant
to support United Way of Central Ohio and its Neighborhood Leadership
Academy, which is a training program designed to cultivate and
motivate neighborhood leaders to promote sustainable change.
Fifth Third Bank (Northwestern Ohio) was awarded $100,000 for
United North Corporation, which will use the funds to provide a
comprehensive approach to programming for youth and families through
the renovation of the Ohio Theatre.
Fifth Third Bank (North Carolina) will use a $50,000 EIF grant
for the Raleigh Area Development Authority to help reestablish its
counseling program to assist employers in meeting the credit building,
savings, financial literacy and homeownership needs of employees.
Additionally, a $50,000 grant will go to Community Link Programs of
Traveler Aid Society of Central Carolinas for its homeownership
Fifth Third Bancorp is a diversified financial services company
headquartered in Cincinnati, Ohio. The Company has $117 billion in
assets and operates 15 affiliates with 1,316 full-service Banking
Centers, including 105 Bank Mart® locations open seven days a week
inside select grocery stores and 2,417 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 December 31, 2011, had
$282 billion in assets under care, of which it managed $24 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® National Global
Select Market under the symbol "FITB." Fifth Third Bank. Member FDIC.
Source: Fifth Third Bancorp
Fifth Third Bancorp
Stacie Haas, 513-534-5113