NCRC, Rise Economy Applaud Fifth Third’s Latest Community Development Commitments

The National Community Reinvestment Coalition (NCRC) and Rise Economy applaud Fifth Third for its recent five-year, $14.3 billion commitment to new place-based investments that will support jobs, housing, small businesses and sustainable communities across new and expanded markets in California, Michigan and Texas.

Fifth Third's Building Stronger Communities Commitment includes investments of $3.6 billion for California communities, $3.1 billion for Texas and $7.6 billion for Michigan over the next five years. This commitment prioritizes low- and moderate-income communities and includes new place-based community and economic development investments in communities such as Detroit, Grand Rapids, Houston, Dallas, Los Angeles and San Jose.

"Communities know their own credit and investment needs better than any bank does," said NCRC's President and CEO Jesse Van Tol . "Fifth Third's commitment to listen to residents and local organizations, and to let those conversations shape how and where it reinvests, is the right approach. It strengthens communities, and it's also smart business. Banks thrive when the neighborhoods they serve grow and thrive."

"We are pleased that in working with us and our members across the state, Fifth Third Bank has listened to community voices and responded with commitments that matter to California families. We look forward to stronger support for affordable housing, small businesses, and first-time homebuyers, along with new branches and investment in CDFIs, Community Land Trusts, and disaster resilience. We, and our members, will keep working with the Bank to turn these commitments into results for California communities," said Paulina Gonzalez-Brito, CEO of Rise Economy .

This commitment includes lending, investment and philanthropy in affordable housing and community development finance, small business lending, grants and economic opportunity, mortgage and home equity lending and homeownership access, sustainability, place-based community and economic development investments and financial access and inclusion. These priorities emerged from community listening sessions, facilitated by NCRC and Rise Economy, to both better understand the needs and priorities of local communities and gather local leaders' recommendations on how Fifth Third's investments and commitments could make the greatest impact.

NCRC remains committed to working with our 700+members, financial institutions and other champions advancing a just economy to improve how capital flows into communities and ensure that communities have the resources, investment and opportunities to build lasting prosperity and economic stability.

Rise Economy remains committed to working with its members across California, financial institutions, and community partners to expand access to capital and opportunity for low-income communities and communities of color, and to build a California where everyone can build lasting wealth and stability.