CINCINNATI--(BUSINESS WIRE)--

Fifth Third Bancorp is pleased to report the year-one results of its $30 billion, five-year Community Commitment, developed in collaboration with the National Community Reinvestment Coalition (NCRC). The Commitment positively impacted the communities served by Fifth Third through mortgage lending, small business lending, community development loans and investments, and Fifth Third Impact Initiatives, including philanthropy, housing and small business-related investments, financial empowerment programming, branches and staffing, and inclusion and diversity.

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Brian Lamb, executive vice president and chief corporate social responsibility and reputation officer, Fifth Third Bank (Photo: Business Wire)

In year one, 2016, Fifth Third invested $7.88 billion, or 26.3 percent, of the total lending and investment commitment. The results put the Company on pace to exceed the goals of its Community Commitment by its conclusion in 2020.

“Our Community Commitment is designed to improve lives in the communities we serve,” said Brian Lamb, executive vice president and chief corporate social responsibility and reputation officer, Fifth Third Bank. “Our year-one results demonstrate significant progress against our five-year plan, but more than that, the numbers demonstrate the impact we can make when we work with communities to accomplish great things. I am especially grateful to the NCRC and all of the community organizations who share in our excitement about a solid first year, and join us in having enthusiasm for even more profound progress in the months and years ahead.”

“As the year-one results show, Fifth Third is off to a good start on its community development plan,” said John Taylor, president and CEO of NCRC. "NCRC and the community groups who worked with Fifth Third to reach the agreement look forward to further helping with its implementation, and we’re excited for the elements of the plan yet to come. We still have work to do together to ensure that low- and moderate-income communities have access to the financial resources and opportunities needed to thrive.”

Fifth Third’s $3.26 billion in mortgage loans included nearly 17,000 home purchase loans worth $1.9 billion last year, helping to finance the dream of homeownership for those households. It also made more than 12,500 refinance loans worth $1.3 billion, as well as home improvement loans. Fifth Third funded 23,791 low- and moderate-income (LMI) loans in 2016. The year also was notable for Fifth Third’s creation of a down payment assistance program for LMI homebuyers or those who purchase in an LMI area. The program provides participants with up to 3 percent of the purchase price, up to $3,600 in assistance. Fifth Third also reported $1.96 billion in small business lending, including $138.7 million in U.S. Small Business Administration (SBA)-backed loans, as it strives to become a Top 15 SBA Lender.

Community development loans and investments in 2016 totaled $2.64 billion, which included $1.5 billion for community revitalization and stabilization; $588 million for economic development; $223 million for affordable housing and $182.7 million in services to LMI communities.

Fifth Third’s Community Commitment also included a five-year, $154.8 million commitment to fund Fifth Third Impact Programming. Fifth Third reported $19.1 million in philanthropic donations to hundreds of organizations throughout its footprint during the first year. This support included $3.6 million in grants from the Fifth Third Foundation in the areas of community development, health and human services, the arts and education, including financial support for relief agencies after Hurricane Matthew. Fifth Third and the Foundation also made $7 million in donations to United Way agencies.

Fifth Third made housing-related investments to organizations like The Collaborative in Columbus, and small business-related investments in organizations like the Accion U.S. Network to support lending to underserved small businesses in Illinois, Indiana, Florida, Michigan and Ohio.

Fifth Third received approval for three new branches in LMI areas, and opened the first one, the Summit Financial Center in Chicago, on Dec. 24. Additionally, Fifth Third increased its use of diverse suppliers by 73 percent over 2015.

Fifth Third also delivered on its commitment to deliver financial empowerment programming to its communities by signing a multi-year contract with EverFi Inc. to deliver a new financial education and entrepreneurship program to high school students through its footprint. The Company expanded its Fifth Third Bank Empower U® program into the communities it serves and reached more than 3,700 people, including military veterans and their families.

Fifth Third also did the foundational work to create a national Community Advisory Forum in 2016, which officially will launch later this year. The Company also will create five statewide forums. Over the course of 2016, Fifth Third leadership held 154 community engagement sessions, with the majority of those conducted with organizations that are affiliated with the National Community Reinvestment Coalition.

Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. As of Dec. 31, 2016, the Company had $142 billion in assets and operated 1,191 full-service Banking Centers, including 94 Bank Mart® locations, most open seven days a week, inside select grocery stores and 2,495 ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia and North Carolina. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending, and Wealth & Asset Management. As of Dec. 31, 2016, Fifth Third also had a 17.9 percent interest in Vantiv Holding, LLC. Fifth Third is among the largest money managers in the Midwest and, as of Dec. 31, 2016, had $315 billion in assets under care, of which it managed $31 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, Equal Housing Lender

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