Fifth Third Bancorp and the National Community Reinvestment Coalition (NCRC) signed a landmark $30 billion community development plan through 2020 on Friday.
The plan covers the 10 states in which Fifth Third has branches and follows weeks of discussions and six meetings between Fifth Third and community groups working with NCRC.
The plan calls for Fifth Third to invest $30 billion in its communities over a five year period, which began Jan. 1. Lending and investments of $30 billion covered under this agreement include the following categories: mortgage lending, small business lending, including micro-lending; and community development lending and investing. The agreement also covers $158.4 million in community initiatives.
Fifth Third Bancorp President & CEO Greg D. Carmichael, said, “Fifth Third is deeply committed to both investing significant resources into the community as well as engaging community members and leaders. Our objective is to ensure that, together with the NCRC, we meaningfully impact the communities we serve. We appreciate and value the collaboration with John Taylor and all the NCRC member organizations who met with us to enable the expansion of our original commitment in ways that will best improve lives.”
“Fifth Third and NCRC’s investment in Ohio will create opportunities for businesses and families to seek the resources they need to make their communities stronger,” said U.S. Senator Sherrod Brown. “I applaud these organizations for working with people across the state, and I’m glad their investment will provide meaningful help to Ohioans.”
In addition to NCRC and Fifth Third Bank, the agreement was signed by 136 member organizations including six based in Akron:
• Charisma Community Connection.
• Antioch Baptist Church.
• Community Legal Aid Services.
• LINKS Community and Family Services.
• Mustard Seed Development Center.
• Nazareth Housing Development Corp.