Fifth Third Reports Impact of First Year of Five-Year $30 Billion Community Commitment

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.


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.

             

Category

   

Year One Investment

2016

   

Percentage of Total
Commitment

Mortgage Lending     $3.26 billion     29.6 percent
Small Business Lending     $1.96 billion     19.6 percent

Community Development
Lending & Investments

    $2.64 billion     29.3 percent
       

“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

Contacts

Fifth Third Bancorp
Stacie Haas, 513-534-5113
Stacie.Haas@53.com