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
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
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
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
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