Fifth Third Bank Expands with New Branch Opening
Fifth Third Bank recently celebrated a significant milestone with the opening of a new full-service banking center located in Charlotte’s Historic West End Neighborhood. This new branch is a part of Fifth Third’s ambitious plan to open up to 15 banking centers in low- and moderate-income (LMI) or high minority (HMT) population areas this year. The introduction of this bank is expected to enhance financial access while playing a pivotal role in the revitalization of the Historic West End.
Supporting Community Growth and Accessibility
Fifth Third Bank emphasizes the importance of financial accessibility and neighborhood improvement through its innovative Neighborhood Program. This well-thought-out initiative aims to develop and implement meaningful strategies that promote positive change in nine historically overlooked neighborhoods throughout the Bank’s 11-state territory, including Charlotte. As Fifth Third actively grows and establishes new financial hubs nationwide, it has vowed that 30% of these new branches will be located in LMI and/or HMT areas. Alongside the new branches, Fifth Third is committed to offering its eBus and Banking to Go kiosks that are designed to bridge gaps in financial services for underserved communities.
Innovative Solutions for Local Residents
“When we launched the Neighborhood Program in 2021, we aimed to empower the futures of residents and small businesses in our service areas by enhancing financial access,” expressed Jada Grandy-Mock, Chief Community Impact Banking Officer for Fifth Third. “This branch serves as an open door—a gateway of opportunity for the community in the Historic West End. Every resident is welcome to step through and find a financial ally in us to realize their dreams.”
Branch Features and Community Impact
The Historic West End branch is designed to be a model of innovation and sustainability. With a manageable size of 1,900 square feet, it will feature convenient drive-thru services and an ATM. The design fosters an inviting open space that prioritizes customer experience, accommodating both quick digital transactions and more in-depth discussions regarding services like college savings plans, mortgages, or retirement options. Following the groundbreaking in February 2023, McFarland Construction from Charlotte was selected as the general contractor, showcasing local talent.
Community Investments and Partnerships
During the branch inauguration event, the Fifth Third Foundation, along with LISC Charlotte, proudly announced a combined $100,000 in grants distributed to five local small businesses aimed at supporting their growth and success.
The Neighborhood Program by Fifth Third is reshaping the community development narrative by partnering with various organizations. This collaborative approach focuses on solving critical challenges by engaging local stakeholders, intending to foster lasting beneficial changes.
Concrete Actions and Future Plans
This Historic West End location marks the initial financial center launched under the Neighborhood Program. However, several renovations are being finalized, and more new branches are planned in different neighborhoods targeted by this initiative.
Since 2021, Fifth Third, in collaboration with LISC Charlotte and local agencies, has made a direct investment of $85.2 million in the Historic West End, catalyzing an additional $28 million in leveraged investments, culminating in a total of $113.2 million with an impactful presence in the community.
Key Initiatives Underway
- Thrive Food Hub: This revitalization project at 1121 Beatties Ford Road is transforming a 6,000 square foot shopping center into a commercial kitchen for local chefs, a fresh food store, and a meeting space for small businesses. Historic West End Partners leveraged $300,000 from Fifth Third Foundation to acquire the $1.3 million property for this purpose.
- Legacy at Carr Heights: In July 2024, a grand opening was celebrated for the Legacy at Carr Heights Senior Apartments. Fifth Third collaborated with various partners to bring this affordable 120-unit complex to life. The development was supported by a program-related investment from the Fifth Third Foundation to enable the purchase of the land, contributing to a total project cost of $31 million.
- Hoskins Street Home Preservation: The West Side Community Land Trust secured $1.6 million in program-related investment from the Fifth Third Foundation to acquire and renovate 32 homes on Hoskins Street, preventing potential displacement of families in the area.
About Fifth Third Bank
Fifth Third Bank has a rich history dating back to 1858, providing a spectrum of financial services that positively impact lives. Renowned for its pioneering spirit, the bank is actively engaged in fostering innovation while maintaining a customer-centric approach. Fifth Third has distinguished itself by being recognized among Ethisphere’s World’s Most Ethical Companies for multiple years, reflecting its commitment to corporate responsibility. With a comprehensive vision that aims to be the highest performing regional bank in the nation, Fifth Third focuses on building trust within its communities, customers, employees, and shareholders alike.
Frequently Asked Questions
What is the purpose of the new Fifth Third Bank branch?
The new branch aims to enhance financial access and support community revitalization in Charlotte's Historic West End.
How does Fifth Third support local businesses?
Fifth Third provides grants and resources to local small businesses through its foundation, aiming to help them grow and thrive.
What is the Neighborhood Program?
The Neighborhood Program is an initiative by Fifth Third focusing on improving financial access and community development in historically underprivileged areas.
How long has Fifth Third Bank been operating?
Fifth Third Bank has been serving its communities since 1858, showcasing a long history of innovation and service.
What community projects has Fifth Third supported?
Fifth Third has supported various projects such as the Thrive Food Hub and affordable housing initiatives, investing millions into local communities.
