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Fifth Third Celebrates Opening of New Branch in Charlotte's Historic West End Neighborhood

1. Fifth Third opened a new bank center in Charlotte's Historic West End. 2. The bank plans 15 new centers in underserved areas this year. 3. They invested $85.2 million to foster community development since 2021. 4. Grants of $100,000 were given to local small businesses for growth. 5. This new branch symbolizes financial access and community revitalization efforts.

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FAQ

Why Bullish?

Opening new branches in underserved areas can boost FITB's market share, similar to previous expansions.

How important is it?

Enhancing community ties and expanding banking access can significantly benefit FITB's future earnings potential.

Why Long Term?

Sustained community investment can lead to lasting customer loyalty and growth, as seen in past initiatives.

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FITB
CHARLOTTE, N.C.--(BUSINESS WIRE)--On Wednesday, Fifth Third celebrated the opening of a new full-service banking center in Charlotte’s Historic West End Neighborhood, the first of 15 banking centers Fifth Third plans to open in low- and moderate-income (LMI) or high minority (HMT) population census tracts this year. With the new branch, Fifth Third will help increase financial access while contributing to the revitalization of the Historic West End. Fifth Third prioritizes financial access and neighborhood revitalization through its Neighborhood Program, a community development initiative which creates and implements innovative place-based strategies to effect positive change in nine historically disinvested neighborhoods across the Bank’s 11-state footprint, including Charlotte. As Fifth Third strategically expands and opens new financial centers across the country, 30% of new branches in development will be in LMI and/or HMT areas. In addition to new centers, Fifth Third offers its eBus and Banking to Go kiosks to address gaps in financial services in underserved communities. “When we launched the Neighborhood Program in 2021, our goal was to empower the futures of residents and small businesses in the communities we serve by providing financial access,” said Jada Grandy-Mock, chief community impact banking officer for Fifth Third. “This branch is an open door—a door of opportunity for Charlotte’s Historic West End. Every resident in this community is welcome to come through those doors and find a financial partner in us to empower their future dreams.” Located at 2340 Beatties Ford Road, the Historic West End branch will be a model for innovation and sustainability, occupying a modest 1,900 square feet. The center will have the added convenience of a drive-thru and ATM. Inside, the center’s open design will make it easy for customers to get quick digital service or discuss more complex banking products, like college savings plans, mortgages, or retirement solutions. The new, streamlined building will feature flexible meeting and seating areas that offer adjustable layers of privacy. Fifth Third broke ground in February 2023, with Charlotte-Based McFarland Construction serving as the general contractor. “We are able to celebrate the opening of this Historic West End location because of the special bond that exists between our community partners and our local Fifth Third team,” said Lee Fite, president, Fifth Third Bank, Carolinas Region. “This is the result of many years of conversations, planning and hard work that allowed for a shared commitment to provide resources for the good of our community." At Wednesday’s event, the Fifth Third Foundation and LISC Charlotte also presented $100,000 in grants to five local small businesses to help them continue to grow. Fifth Third’s Neighborhood Program is pioneering a new place-based approach to community development by partnering with a lead partner organization and other 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 Historic West End branch is the first new financial center to open as part of the neighborhood program, though several renovations have been completed and several new branches are planned within other program neighborhoods. In partnership with LISC Charlotte and other community agencies, Fifth Third has made $85.2 million in direct investments into Charlotte’s Historic West End since 2021 and catalyzed $28 million in additional leverage, for a total impact in the neighborhood of $113.2 million. Key initiatives include: Thrive Food Hub: A 6,000 square foot shopping center located at 1121 Beatties Ford Road in the heart of the Historic West End has been acquired by Historic West End Partners. The underutilized strip mall is being renovated and turned into a commercial kitchen for local chefs, a corner store selling fresh food, and a meeting space for small businesses in the community. Historic West End Partners was able to acquire the $1.3 million property with help from $300,000 in funding from a Fifth Third Foundation program-related investment, or PRI. Legacy at Carr Heights: A grand opening was held at the Legacy at Carr Heights Senior Apartments in July 2024. Fifth Third was proud to be among the many private and public partners who helped to bring the 120-unit affordable senior living apartment complex to the community. A philanthropic program-related investment from the Fifth Third Foundation to the West Side Community Land Trust helped facilitate the original purchase of the land, and Fifth Third was among the funding partners for the $31 million development. Hoskins Street Home Preservation: The West Side Community Land Trust leveraged $1.6 million in program-related investment funding from the Fifth Third Foundation to support the acquisition and renovation of 32 houses in the West End’s Hoskins Street that were being sold by a single landlord. The effort is preventing the displacement of families living in these homes. 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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