Bank releases corporate social responsibility report
A bank with a large West Michigan presence has published a progress report on four main areas of corporate responsibility.
Cincinnati-based Fifth Third Bank recently released its 2018 Corporate Social Responsibility Report.
The 2018 CSR Report details the ways in which Fifth Third “used its financial strength and leveraged its most tangible asset — its employees’ generosity and commitment — to better the communities it serves, improve lives, support employees and protect the planet.”
“We have a long legacy at Fifth Third of supporting our local communities through investments, lending, community development, philanthropy and service,” said Greg Carmichael, chair, president and CEO, Fifth Third.
“We’ve often said that we engage in those activities because we believe that building a strong community builds a better bank. The reverse is also true. When Fifth Third Bank is strong, we can put that strength to work for the communities we serve. With the help of all of our stakeholders, that’s exactly what we did in 2018.”
The full report is available here.
Highlights from the 2018 CSR Report
- Via Fifth Third Momentum and a down payment assistance program, the bank has addressed problems such as mounting student debt and barriers to achieving homeownership.
- Through a community commitment of $20.3 billion in its first three years across its footprint, Fifth Third boosted homeownership rates in communities of color; expanded access to capital for small businesses to start, grow and expand; and narrowed the gap in financial education and workforce development.
- The report shares employee engagement and wellness stories, including testimonies of two employees about Fifth Third’s support during life-changing experiences.
- Fifth Third’s philanthropy and volunteerism outreach are recapped in the report, including efforts to provide over 1 million meals to feed the hungry, funding to provide summer camp experiences for at-risk youth, walks to foster good health, $12 million in Fifth Third Foundation grants and $7 million in corporate and employee donations to United Way.
- The bank’s environmental sustainability progress is reported, including the completion of Fifth Third’s first “bold goal” to protect the planet and an update on its 100 percent renewable energy project.
Fifth Third Bank
Founded in 1858, Fifth Third Bank — a subsidiary of Fifth Third Bancorp (Nasdaq: FITB) — provides commercial and branch banking, consumer lending and wealth and asset management services.
It operates 1,207 full-service banking centers and 2,559 ATMs with Fifth Third branding in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia and North Carolina.
As of March 31, 2019, Fifth Third had $168 billion in assets.