Latest news with #FifthThird
Associated Press
16 hours ago
- Business
- Associated Press
Fifth Third Announces Three-Year, $20M Investment in North Nashville
CINCINNATI, June 20, 2025 /3BL/ - 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: ### About Fifth ThirdFifth 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 Deposit and credit products provided by Fifth Third Bank, National Association. Member FDIC. CONTACT Amanda Nageleisen (Media Relations) [email protected] Matt Curoe (Investor Relations) [email protected] | 513-534-2345 Visit 3BL Media to see more multimedia and stories from Fifth Third Bancorp
Business Wire
a day ago
- Business
- Business Wire
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 Deposit and credit products provided by Fifth Third Bank, National Association. Member FDIC.
Associated Press
3 days ago
- Business
- Associated Press
Fifth Third Awards $16M in New Markets Tax Credits to Community Facilities in Atlanta, Cincinnati
CINCINNATI, June 18, 2025 /3BL/ - Fifth Third (NASDAQ: FITB) has awarded $16 million in New Markets Tax Credits (NMTCs) to three facilities in Atlanta and Cincinnati that will help spur economic mobility and community revitalization in historically disinvested neighborhoods. 'Our approach to community development at Fifth Third is place-based and people-first, and it considers the total wellbeing of all residents who call a neighborhood home,' said Kala Gibson, chief corporate responsibility officer for Fifth Third. 'These investments represent a commitment by Fifth Third to ensure that residents of these neighborhoods can thrive in and be proud of the place they call home.' The awards are part of a $50 million allocation in federal New Markets Tax Credits that the Fifth Third New Markets Development Company (NMDC) received from the U.S. Department of the Treasury's Community Development Financial Institutions Fund in September. The NMDC is an affiliate of the Fifth Third Community Development Company, LLC (CDC). 'Fifth Third's innovative, place-based approach to working in neighborhoods and working at a neighborhood scale is a true community development success story,' said Susan E. Thomas, president of the Fifth Third CDC. 'As we have become increasingly active in place-based development and lending, adding New Markets Tax Credits to our toolbox helps our team effect even more positive change within the communities that we serve – as these projects demonstrate.' The New Markets Tax Credit Program helps economically distressed communities attract private investment capital. The federal tax credit helps to fill project financing gaps by enabling investors to make larger investments than would otherwise be possible. Communities benefit from the jobs associated with investments in manufacturing, retail and technology, as well as from greater access to housing and public facilities such as health, education, and childcare. The inaugural NMTC recipients include: Community economic development is a cornerstone of Fifth Third's Neighborhood Program, which creates and implements innovative place-based community development strategies to effect positive change in historically disinvested neighborhoods across the Bank's footprint. The program is designed to increase financial access and spur economic mobility for all, creating a positive ripple effect that leads to community revitalization, small business growth, affordable housing, financial and workforce education and development, and healthy safe spaces. ### About Fifth ThirdFifth 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 Deposit and credit products provided by Fifth Third Bank, National Association. Member FDIC. About the New Markets Tax Credit ProgramThe New Markets Tax Credit Program, established by Congress in December 2000, permits individual and corporate taxpayers to receive a non-refundable tax credit against federal income taxes for making equity investments in financial intermediaries known as Community Development Entities (CDEs). CDEs that receive the tax credit allocation authority under the program are domestic corporations or partnerships that provide loans, investments, or financial counseling in low-income urban and rural communities. The tax credit provided to the investor totals 39% of the cost of the investment and is claimed over a seven-year period. The CDEs in turn use the capital raised to make investments in low-income communities. CDEs must apply annually to the CDFI Fund to compete for New Markets Tax Credit Program allocation authority. Since the inception of the NMTC Program, the CDFI Fund has completed 20 allocation rounds and has made 1,667 awards totaling $81 billion in tax allocation authority. This includes $3 billion in Recovery Act Awards and $1 billion of special allocation authority used for the recovery and redevelopment of the Gulf Opportunity Zone. To learn more about the New Markets Tax Credit Program, please visit CONTACTAmanda Nageleisen (Media Relations) [email protected] Matt Curoe (Investor Relations) [email protected] | 513-534-2345 Visit 3BL Media to see more multimedia and stories from Fifth Third Bancorp
Yahoo
4 days ago
- Business
- Yahoo
Fifth Third Rewards Shareholders With New Share Repurchase Program
Fifth Third Bancorp's FITB board of directors has approved a new share repurchase authorization of up to 100 million shares. The new authorization replaces the previous authorization announced in June 2019, under which 11.8 million shares remained. The new repurchase authorization offers flexibility, allowing stock buybacks without a set expiration or price limit. The company may conduct repurchases through open-market transactions or privately negotiated transactions, including Rule 10b5-1 programs. The repurchase program may be modified, suspended, or discontinued at any time based on market conditions, legal requirements, and other uncertainties. Fifth Third pays quarterly dividends regularly. In September 2024, the company announced a 5.7% increase in its quarterly dividend to 37 cents per share. Over the last five years, the company increased its quarterly dividend four times. It has a payout ratio of 44%. Considering yesterday's closing price of $38.32, its annualized dividend yield is 3.86%. Fifth Third Bancorp dividend-yield-ttm | Fifth Third Bancorp Quote The company maintains a decent liquidity position. As of March 31, 2025, the company had cash and due from banks of $17.9 billion, while cash levels remain decent relative to total debt of $19.9 billion, with $5.5 billion in short-term borrowings. Further, as of March 31, 2025, Fifth Third's common equity tier (CET) 1 ratio was 10.45%. This offers room for the company to enhance its capital distribution plans. Hence, a decent balance sheet position, along with its earnings strength, indicates that FITB's capital distributions are sustainable. Shares of FITB have gained 6.2% compared with the industry's 17.8% growth over the past year. Image Source: Zacks Investment Research Currently, the company carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. In May 2025, MVB Financial Corp. MVBF authorized a $10 million stock repurchase program. The company plans to execute buybacks through open-market transactions, block trades, and privately negotiated deals. With a strong liquidity position, holding $251 million in cash and cash equivalents, MVBF remains committed to enhancing shareholder value through capital distribution activities. Likewise, in March 2025, KeyCorp KEY announced a $1 billion share repurchase plan, set to begin in the second half of the year. The company has not actively repurchased shares in recent years due to macroeconomic challenges, but is now taking steps to strengthen its capital ratios. KEY raised its quarterly dividend by 5.1% to 20.5 cents per share in 2022 and has maintained that level since. While the company initially benefited from the Federal Reserve's rate hikes (which started in March 2022), rising funding and deposit costs later strained its financial and capital ratios. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Fifth Third Bancorp (FITB) : Free Stock Analysis Report KeyCorp (KEY) : Free Stock Analysis Report Mvb Financial Corp. (MVBF) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research
Business Wire
5 days ago
- Business
- Business Wire
Fifth Third Bancorp Announces Share Repurchase Authorization
CINCINNATI--(BUSINESS WIRE)--Today, Fifth Third Bancorp announced that its Board of Directors approved a new share repurchase authorization of up to 100 million shares, which replaces the previous authorization from 2019 under which 11.8 million shares remain. The new repurchase authorization does not have an expiration date, does not include specific price targets, may be executed through open market purchases or one or more private negotiated transactions, including Rule 10b5-1 programs, and may be suspended at any time. All future capital distributions are subject to evaluation of Fifth Third's performance, the state of the economic environment, market conditions, regulatory factors, and other risks and uncertainties and approval by the Board of Directors at any given time. 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
