SOURCE: Fifth Third Bancorp
DESCRIPTION:
TAMPA, October 21, 2021 /3BL Media/ - Fifth Third Bank, National Association, and Enterprise Community Partners today announced the establishment of a neighborhood program to support the East Tampa community’s revitalization efforts. The Fifth Third Neighborhood Investment Program will span over three years and focus on the Corporation to Develop Communities of Tampa (CDC of Tampa) and cross-sector collaborations.
“This opportunity allows Fifth Third to invest in a unique way by taking a thoughtfully structured approach to solve real-world systemic issues,” said Cary Putrino, Fifth Third’s regional president. “This program goes beyond infusing capital into neighborhoods. We are working to make a significant impact by targeting investments in specific areas, collaborating with communities and their leading organizations and driving change through tangible place-based methods.”
Fifth Third is collaborating on the initiative with Enterprise Community Partners, a national nonprofit that exists to make a good home possible for the millions of families without one. Together, they managed a criteria-based, invitation-only application process to select nine majority-Black neighborhoods that have seen a sustained period of disinvestment. East Tampa was one of the locations selected. Enterprise will provide technical assistance to support each neighborhood in developing and implementing a plan tailored to the unique challenges it faces. Enterprise will then assist with assessing the plan’s effectiveness at improving the economic well-being of residents and small locally owned businesses. Successful outcomes will include investments in small businesses, homeownership and workforce development to create successful outcomes such as increased employment, economic stability and growth.
“The Fifth Third Neighborhood Investment Program shows what is possible when we make intentional investments that center on Black life and legacy," said Priscilla Almodovar, president and chief executive officer of Enterprise Community Partners. "Enterprise is so excited to join Fifth Third and this group of committed neighborhood partners on an initiative that powerfully aligns with our goals as an organization: increase the housing supply, advance racial equity and build resilience and upward mobility."
“This is more than giving Bank dollars and programs to support local communities,” said Esther Marshall, Fifth Third’s Community & Economic Development market manager. “Through the Fifth Third Neighborhood Investment Program, we’ll provide strategic insight with a comprehensive and collaborative approach to increase opportunities and foster economic mobility for the East Tampa community.”
Fifth Third intends to commit up to $20 million in lending, investments and philanthropic support, including grants from the Fifth Third Foundation to East Tampa. A combination of capital, products and services will be invested into small businesses, mortgages, philanthropic efforts, and neighborhood revitalization loans and investments.
CDC of Tampa was invited to apply for the program based on its ability to meet specific criteria, including partnering with the neighborhood’s Black residents, existing civic infrastructure in the neighborhood and its capability to manage equitable investment and wealth-building opportunities. The program’s funds will support the economic mobility of Black low- to moderate-income residents in East Tampa and cultivate investments and resources from additional stakeholders.
Ernest Coney Jr., president and CEO of CDC of Tampa, said his organization will use the dollars to limit gentrification in East Tampa, coordinating the work of two dozen cross-sector partners in six areas: affordable housing, commercial development, small business growth, homebuyer development, workforce development and asset growth. Plans include lending for home mortgages, small businesses and commercial properties, as well as the development of affordable housing units and new commercial space that can house entrepreneurs and small businesses. “The residents of East Tampa have been waiting and hoping for economic inclusion for a long time. The partnership with Fifth Third Bank will allow us to significantly increase the economic mobility and redevelopment process in East Tampa, helping to bring unfilled dreams and aspirations to reality,” he said.
The Neighborhood Investment Program is part of Fifth Third’s $2.8 billion commitment that will provide $2.2 billion in lending, $500 million in investments, $60 million in financial accessibility and $40 million in philanthropy from the Fifth Third Foundation as part of Fifth Third’s Accelerating Racial Equality, Equity and Inclusion initiative. The commitment is focused on four strategic pillars that directly impact customers and communities with targeted outcomes enabling the Bank to track progress and measure success in the areas of strategic investments, access to capital, financial inclusion and education, and social justice and advocacy. This program also aligns with Enterprise’s new strategic plan and three central goals: to increase housing supply, advance racial equity and build resilience and upward mobility.
The additional recipient neighborhoods and lead organizations that will be driving the community’s efforts as part of the neighborhood program are:
- Avondale, Cincinnati: Avondale Development Corp.
- South Chicago, Chicago: Claretian Associates.
- Buckeye, Cleveland: Cleveland Neighborhood Progress.
- Grove Park, Atlanta: Grove Park Foundation.
- Arlington Woods, Indianapolis: Jewell Human Services Corp.
- Historic West End, Charlotte, North Carolina: LISC.
- Near East Side, Columbus, Ohio: Partners Achieving Community Transformation.
- Russell, Louisville, Kentucky: Russell: A Place of Promise.
To learn more about the Fifth Third Neighborhood Investment Program, please visit 53NeighborhoodInvest.org.
About Enterprise Community Partners
Enterprise is a national nonprofit that exists to make a good home possible for the millions of families without one. We support community development organizations on the ground, aggregate and invest capital for impact, advance housing policy at every level of government, and build and manage communities ourselves. Since 1982, we have invested $44 billion and created 781,000 homes across all 50 states – all to make home and community places of pride, power and belonging. Join us at EnterpriseCommunity.org.
About Fifth Third
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio, and the indirect parent company of Fifth Third Bank, National Association, a federally chartered institution. As of June 30, 2021, the Company had $205 billion in assets and operates 1,096 full-service Banking Centers, and 2,369 Fifth Third branded ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia, North Carolina and South Carolina. In total, Fifth Third provides its customers with access to approximately 53,000 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 is among the largest money managers in the Midwest and, as of June 30, 2021, had $483 billion in assets under care, of which it managed $61 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.”
About the Fifth Third Foundation
Established in 1948, the Fifth Third Foundation was one of the first charitable foundations created by a financial institution. The Fifth Third Foundation supports worthy causes in the areas of health and human services, education, community development and the arts in the states where Fifth Third Bank operates.
About CDC of Tampa
Corporation to Develop Communities of Tampa, Inc. (CDC of Tampa) creates opportunities for people to build prosperous futures and vibrant communities. We create opportunities by deploying comprehensive community development strategies that connect workforce development, housing and real estate with education, resident leadership and community safety to drive economic prosperity. Founded in 1992, CDC of Tampa has built a proven track record of reducing disparities for people and communities throughout Tampa, Hillsborough County and beyond. In the years ahead, we're committed to scaling our efforts as we continue working to realize our vision for a thriving Tampa Bay region in which every community is equitable, diverse and engaged. Visit us at https://www.cdcoftampa.org/.
CONTACTS
Melanie Chakor
Fifth Third Bank Regional Marketing Manager (Media Relations)
Melanie.chakor@53.com | 813-306-2578
Ronda Watts
CDC of Tampa Chief Operating Officer
ronda.watts@cdcoftampa.org | 813-231-4362, Ext. 3800
Jordan Miller
Enterprise Community Partners (Media Relations)
JMiller@GroupGordon.com | 212-784-5703
KEYWORDS: NASDAQ:FITB, Fifth Third Bank, Tampa, Neighborhood investment program
