Fifth Third Bancorp today announced $282,250 in grants from its
Strengthening Our Communities Fund (SOC). Directed by Fifth Third’s
Community and Economic Development department, the SOC is designated for
Community Reinvestment Act (CRA) initiatives and programs to strengthen
CRA lending, investment and service performance across the Company.
Since its inception in 2011, the Fund has distributed nearly $3.5
million in the markets Fifth Third serves. Earlier this year, the
first-round grants totaling $270,000 were announced.
Fifth Third created the Strengthening Our Communities Fund to provide
additional Bank resources for local communities. Fifth Third Bancorp
affiliates invite non-profit organizations to apply for funding and
awards are made twice a year. The markets receiving funds in the second
round of 2014 are: Chicago, Northeastern Ohio, Kentucky, Indiana, and
Cincinnati.
“SOC funds enable us to make a direct impact in the communities we serve
by enabling our local leadership to determine areas of greatest need,”
said Camino Smith, senior vice president and director of Community and
Economic Development, Fifth Third Bank. “We are excited to support
positive actions through this SOC grant funding to help improve people’s
lives.”
Contributions from the SOC 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:
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Fifth Third Bank (Chicago) was awarded $80,000 to benefit two
organizations: Accion Chicago, $40,000, for its small business
development program; and Chicago Neighborhood Initiatives, Inc.,
$40,000 for its micro-finance group.
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Fifth Third Bank (Indiana) was awarded $100,000 for the Local
Initiative Support Corporation (LISC) and its Platform Quality of Life
program.
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Fifth Third Bank (Northeastern Ohio) was awarded $45,000 for
three organizations: Community Building Partnership of Stark County,
$15,000, to support Fifth Third Healthy Affordable Homes; Akron Summit
Community Action, Inc., $15,000, for its YouthBuild initiative; and
City Year, Inc. (Cleveland), $15,000, for its Whole School Whole Child
initiative.
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Fifth Third Bank (Kentucky) was awarded $32,250 for Family
Scholar House, Inc., for its Building Confidence Futures program.
Family Scholar House’s mission is to end the cycle of poverty and
transform communities by empowering success and long-term sufficiency
for family and youth.
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Fifth Third Bank (Cincinnati) received $25,000 for the
Over-the-Rhine Revitalization Corporation’s Business Innovation Grant
Challenge program. The organization’s mission is to promote economic
vitality and a socially and culturally diverse Over-the-Rhine
neighborhood.
Fifth Third Bancorp is a diversified financial services company
headquartered in Cincinnati, Ohio. The Company has $134 billion in
assets and operates 15 affiliates with 1,308 full-service Banking
Centers, including 102 Bank Mart® locations, most open seven days a
week, inside select grocery stores and 2,639 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 22.8% interest
in Vantiv Holding, LLC. Fifth Third is among the largest money managers
in the Midwest and, as of September 30, 2014, had $303 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 www.53.com.
Fifth Third’s common stock is traded on the NASDAQ® Global Select Market
under the symbol “FITB.” Fifth Third Bank was established in 1858.
Member FDIC.
Fifth Third Bancorp
Stacie Haas, 513-534-5113