Fifth Third Announces Three-Year, $20M Investment in North Nashville
CINCINNATI--(BUSINESS WIRE)--Fifth Third (NASDAQ: FITB) and Nashville leaders announced today that North Nashville will join the Fifth Third Neighborhood Program, bringing an influx of $20 million over three years to help revitalize the community.
'Fifth Third could not be more excited to bring our innovative Neighborhood Program to North Nashville,' said Kala Gibson, chief corporate responsibility officer for Fifth Third. 'We piloted our place-based economic development program back in 2019 and rolled it out in nine neighborhoods across our footprint in 2021. We have invested nearly $255 million since that time and witnessed generational, transformative change. We're thrilled about the opportunity to apply what we've learned and help North Nashville realize similar outcomes and impact.'
In partnership with Affordable Housing Resources, Inc., Pathway Lending and United Way of Greater Nashville, Fifth Third and lead technical assistance partner Enterprise Community Partners will help community members implement their economic mobility roadmap that will help advance economic mobility and financial inclusion for the residents and businesses of North Nashville.
To support this work, Fifth Third is pledging a $20 million investment in traditional financial and philanthropic capital in North Nashville over the next three years, including $1 million each to Affordable Housing Resources and the United Way from the Fifth Third Foundation.
'As a long-time resident of North Nashville I welcome this investment in our neighborhoods,' said Nashville Mayor Freddie O'Connell. 'We've been trying to shift how we invest in North Nashville. Recently, we've taken a special budgeting process and directed hundreds of thousands of dollars into four North Nashville Council districts. Then, we put $1 million directly into a multi-year effort anchored at Matthew Walker Comprehensive Health Center focused on lowering blood pressure. We've started to lower electric bills through a new insulation partnership with NES. And at least $7 million in federal funding to help North Nashville continue to recover from the long-term impacts of the 2020 tornado.
'Now we will amplify those investments with a $20 million commitment from Fifth Third that will result in community development through housing preservation, small business assistance, and vacant lot activation. Community members will see the results starting later this year,' Mayor O'Connell said.
Nashville's economic mobility roadmap includes several key focus areas: growing housing and homeownership, such as by developing and preserving affordable housing; investing in small businesses and community wealth-building, such as by expanding access to capital and business planning; investing in people-based programs and services, such as by supporting education-to-career pathways; and investing in infrastructure and environmental priorities, such as by addressing tornado damage and highway impacts.
'I am thrilled that North Nashville has been selected for Fifth Third's Neighborhood Program,' said David Briggs, Tennessee region president for Fifth Third Bank. 'The North Nashville community embodies both the rich history of this city and the promise and challenges of its future. This investment of financial and intellectual capital illustrates Fifth Third's commitment to ensuring that all the members of the North Nashville community can share in its growth and truly make their lives a Fifth Third Better.'
Fifth Third prioritizes broadening financial access and neighborhood revitalization through its Neighborhood Program, a community development initiative launched in 2021 which creates and implements innovative place-based strategies to effect positive change in historically disinvested neighborhoods across the Bank's 11-state consumer bank footprint.
The program is pioneering a new place-based approach to community development by partnering with a lead partner organization, Enterprise Community Partners, and local organizations to build ecosystems that drive real change through both financial and social investments. This collective ecosystem approach is focused on identifying solutions to key challenges in partnership with the community, with the goal of creating lasting, transformative change.
The place-based concept was piloted in 2019 in Detroit's Gratiot & Seven Mile neighborhood. Two years later, the program expanded into the Neighborhood Program, adding nine additional neighborhoods in seven states.
Through the Neighborhood Program, Fifth Third has directly invested nearly $255 million across the nine neighborhoods. That investment helped catalyze over $200 million in additional investment. The result: $455 million in total Fifth Third-driven investments and tangible community impact, including:
584 new rental homes developed to increase the supply of affordable rental housing;
437 existing homes preserved;
1,932 homeowners assisted through purchase assistance, classes, repairs, and other programs;
926 small businesses supported through technical assistance and other programs;
70 key positions filled to help community organizations build capacity;
$25 million in philanthropic investment by Fifth Third.
About Fifth Third
Fifth Third is a bank that's as long on innovation as it is on history. Since 1858, we've been helping individuals, families, businesses and communities grow through smart financial services that improve lives. Our list of firsts is extensive, and it's one that continues to expand as we explore the intersection of tech-driven innovation, dedicated people and focused community impact. Fifth Third is one of the few U.S.-based banks to have been named among Ethisphere's World's Most Ethical Companies® for several years. With a commitment to taking care of our customers, employees, communities and shareholders, our goal is not only to be the nation's highest performing regional bank, but to be the bank people most value and trust.
Fifth Third Bank, National Association is a federally chartered institution. Fifth Third Bancorp is the indirect parent company of Fifth Third Bank and its common stock is traded on the NASDAQ® Global Select Market under the symbol "FITB." Investor information and press releases can be viewed at www.53.com. Deposit and credit products provided by Fifth Third Bank, National Association. Member FDIC.
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