Fifth Third today announced that the Federal Reserve Bank of Cleveland
rated it “Outstanding” for CRA performance for its most recent
examination period: January 1, 2014 to June 30, 2016. The Bank earned an
‘Outstanding’ rating on the Lending and Investment tests and ‘High
Satisfactory’ on the Service test resulting in an overall ‘Outstanding’
rating.
The evaluation cited several reasons for Fifth Third’s overall
‘Outstanding’ rating. The Bank demonstrated an excellent responsiveness
to credit needs; distribution of loans among borrowers of different
income levels and businesses of different revenue sizes; leadership in
making community development loans and investments; and leadership in
providing community development services.
During the exam period, Fifth Third:
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Extended nearly $7 billion to developments in underserved communities
in the form of loans ($5.9 billion) and investments ($980.5 million).
Fifth Third’s participation in commercial economic development
projects stabilize and revitalize neighborhoods and provide affordable
housing.
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Provided investments of more than $567 million to support affordable
housing units, designed for individuals who earn less than 60 percent
of the U.S. average median income and low- and moderate-income areas
located within the Bank’s footprint.
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Distributed $27.3 million to nonprofit community organizations through
the Fifth Third Foundation and Fifth Third Bancorp.
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Employees volunteered 118,861 hours of service to low- and
moderate-income individuals and in low- and moderate-income
communities.
The Community Reinvestment Act requires banks to meet the credit needs
of low- and moderate-income communities. The exam assesses bank
practices such as mortgage lending, small business lending, community
development lending and investments, bank services to communities, and
employee community involvement. For the overall rating and three
subcategories, banks are assigned one of four ratings: Outstanding,
Satisfactory, Needs to Improve or Substantial Noncompliance.
In 2016, Fifth Third made a five-year, $30 billion community commitment
developed in conjunction with the National Reinvestment Coalition (NCRC)
to improve lives and the well-being of communities throughout its
geographic footprint. The plan outlined $30 billion to be lent or
invested in low- and moderate-income (LMI) borrowers and in LMI
communities through the year 2020. It included $11 billion in mortgage
lending, $10 billion in small business lending, and $9 billion in
community development lending and investments (CDLI). Additionally, it
committed $154.8 million over five years for Fifth Third Impact
programming.
As of September 30, 2017, Fifth Third had delivered community support of
$13.5 billion against the $30 billion commitment, results that were
trending ahead of pace by nearly 28 percent. Full year-two Commitment
results will be reported in March 2018.
Fifth Third Bancorp is a diversified financial services company
headquartered in Cincinnati, Ohio. As of Sept. 30, 2017, the Company had
$142 billion in assets and operated 1,155 full-service Banking Centers
and 2,465 ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida,
Tennessee, West Virginia, Georgia and North Carolina. In total, Fifth
Third provides its customers with access to nearly 55,000 fee-free ATMs
across the United States. Fifth Third operates four main businesses:
Commercial Banking, Branch Banking, Consumer Lending and Wealth & Asset
Management. Fifth Third also has an 8.6 percent interest in Vantiv
Holding, LLC. Fifth Third is among the largest money managers in the
Midwest and, as of Sept. 30, 2017, had $348 billion in assets under
care, of which it managed $36 billion for individuals, corporations and
not-for-profit organizations through its Trust and Registered Investment
Advisory businesses. 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
Stacie Haas, 513-534-5113
513-534-NEWS