West Englewood Branch Continues the Bank’s Expansion into LMI Neighborhoods

CINCINNATI--(BUSINESS WIRE)--Oct. 16, 2024-- Fifth Third broke ground yesterday on a new financial center in the West Englewood neighborhood on the storied South Side of Chicago, one of five centers the Bank is opening in a low- and moderate-income (LMI) or high minority (HMT) population census tract this year. With the next gen branch, Fifth Third will help increase financial access to residents while contributing to the revitalization of the Western Avenue corridor.

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From left to right, José Peña, SVP, Retail Executive for Chicago at Fifth Third, Alderman Stephanie Coleman, and Arthur Zayas Miller, President and CEO of MZI. (Photo: Business Wire)

At a groundbreaking ceremony held yesterday, Alderman Stephanie Coleman remarked:

“Collectively we are grateful, honored and blessed that one of our leading banking institutions has chosen the 16th Ward as its new home. Prior to my election as Alderman, residents had often made their disappointments known of being forced to travel outside of the ward to have their banking needs accomplished. Fifth Third Bank not only responded positively but also made a firm commitment to the people of the ward with this investment.”

José Peña, SVP, Retail Executive for Chicago at Fifth Third, said “Fifth Third is one of Chicago’s largest banks and we are excited to serve more neighborhoods and open our first branch in West Englewood.”

Mark Heckler, President of the Chicago Region at Fifth Third, added “A strong bank contributes to a strong community, and every neighborhood has the potential to thrive. Our goal with this branch is not only to serve the banking needs of the community, but to continue to build long-lasting relationships and help the residents and businesses of Englewood achieve greater economic mobility and opportunity.”

Fifth Third continues to prioritize financial access as it strategically expands and opens next gen financial centers across the country. In 2025, 35% 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.

Set to open in the spring of 2025, the Englewood financial center 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 through 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. Construction for the center is being managed by the minority-owned MZI Group.

Fifth Third has been strategically growing the Chicago market since its acquisition of MB Financial in 2019. Since then, the Bank has been investing in developing underserved communities in the region, heralded by its Empowering Black Futures Neighborhood Investment Program, 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 South Chicago.

The three-year-old neighborhood program is pioneering a new way to do community development by partnering with 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.

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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Sophie Isherwood (Media Relations)
sophie.isherwood@53.com

Matt Curoe (Investor Relations)
matthew.curoe@53.com | 513-534-2345

Source: Fifth Third