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Fifth Third Grants $327,500 from Enterprise Investment Fund In Second Round of 2012

CINCINNATI--(BUSINESS WIRE)--Jul. 6, 2012-- Fifth Third Bancorp today announced $327,500 in grants from its Enterprise Investment Fund (EIF) for the second round of 2012. 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 has distributed $977,500 to date in 2012 and invested $1.4 million in local communities during its inaugural year of 2011.

Fifth Third created the Enterprise Investment Fund to get additional 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 second round of 2012 are: Chicago, Eastern Michigan, Kentucky, North Carolina, Northeastern Ohio, Northwestern Ohio, St. Louis and Tennessee.

“Our Enterprise Investment Fund puts funds directly into local markets where our local leadership identifies the areas of the greatest need and opportunities for maximum positive impact,” said Gregory Imm, senior vice president & director of Community Affairs. “Following on the heels of our $650,000 first round investment, we are excited to inject the funds for the second round into organizations that will have an immediate and deeply-felt positive impact for the people living in those 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 markets include:

  • Fifth Third Bank (Chicago) was awarded $50,000 for Accion Chicago, which will provide business counseling, microloans and other services to help micro-entrepreneurs start businesses and create jobs, and $25,000 for South Bend Heritage Foundation, which will provide down payment assistance to low- and moderate-income families and individuals for the purchase of single-family homes.
  • Fifth Third Bank (Eastern Michigan) was awarded $25,000 for the Local Initiatives Support Corporation (LISC) of Detroit. LISC will use the funds to invest in communities affected by the recession and foreclosure crisis to revitalize and stabilize them for preservation as viable tax bases for the city of Detroit.
  • Fifth Third Bank (Kentucky) received $25,000 for the Community Ventures Corporation. The Corporation will use the funds for its Youth Entrepreneur Program in the East End community and equip students with workforce skill sets in the agri-sciences.
  • Fifth Third Bank (North Carolina) was awarded $12,500 for Triangle Family Services to expand its existing financial literacy program to include individual counseling, group financial literacy education and youth workshops.
  • Fifth Third Bank (Northeastern Ohio) received funds on behalf of the Akron-Canton Regional Foodbank ($25,000) and Sankofa Fine Arts Plus ($25,000). The funds will support the Foodbank’s direct distribution program that provides food delivery to underserved areas in Medina, Portage, Stark and Summit counties. Sankofa Fine Arts Plus will use the funds to support its ARTOVATION Ruby Dee Mural Project and the Kent Twitchell apprenticeship training program.
  • Fifth Third Bank (Northwestern Ohio) was awarded $65,000 for Adelante and its financial and housing stability program, which provides one-on-one financial and homeownership counseling augmented by educational workshops to low- and moderate-income individuals, primarily Hispanic consumers.
  • Fifth Third Bank in St. Louis received funds on behalf of College Summit, Inc. The $25,000 grant will be used to implement its peer leadership training program for 185 12th-grade low-income students.
  • Fifth Third Bank (Tennessee) was awarded $50,000 for Big Brothers Big Sisters of Middle Tennessee. The organization will direct the funds to its parent engagement program, which uses creativity to engage parents as partners in moving youth toward successful futures.

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 1,322 full-service Banking Centers, including 105 Bank Mart® locations open seven days a week inside select grocery stores and 2,409 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 39% interest in Vantiv Holding, LLC, formerly Fifth Third Processing Solutions, LLC. Fifth Third is among the largest money managers in the Midwest and, as of March 31, 2012, had $296 billion in assets under care, of which it managed $26 billion for individuals, corporations and not-for-profit organizations. Investor information and press releases can be viewed at 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