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Fifth Third Makes $100M Commitment to O-Zones
Fifth Third Bank said it would invest $100 million in projects that support community development through four Opportunity Zone fund partners. The first two partners are Local Initiatives Support Corporation (LISC) and Raymond James, both announced Friday in New York City. On Monday, Jan. 27, Fifth Third announced Chicago-based Decennial Partners and California-based Fallbrook Multifamily as its third and fourth partners.
The funds will be used to develop projects in low-income urban and rural communities across the Cincinnati-based bank’s 10-state footprint. Fifth Third said the investment represents one of the largest made by an institution with a social impact investment strategy in Opportunity Zones.
“We are committed to forging impactful partnerships that deliver community revitalization,” said Fifth Third’s chairman, president and CEO, Greg D. Carmichael. “We are proud to use this innovative approach to ensure our capital will serve the communities that are most in need.”
The first projects from the initiative should be announced by June 30.
Pictured, from left: Byna Elliott,Fifth Third Bank; Maurice A. Jones, LISC; Catherine Cawthon, Fifth Third CDC; and Jesse Van Tol, National Community Reinvestment Coalition.
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