Fifth Third Bancorp Stock Price, News & Analysis

Fifth Third Bancorp (Nasdaq: FITB) released its 2020 Environmental, Social and Governance Report, outlining its commitment to sustainable value creation for stakeholders. Key highlights include:

• First regional bank in the U.S. to achieve carbon neutrality.
• Secured $5.4 billion in sustainable financing towards an $8 billion goal.
• $41.6 billion in community lending exceeding a $32 billion target.
• Recognized as one of the world's most ethical companies.

The report benchmarks against international frameworks, covering 2020 data and updates through mid-2021.

Fifth Third Bank partners with the National Urban League to launch a $1 million workforce development program aimed at providing upskilling and re-skilling services over the next two years. Targeting participants from eight cities, the initiative focuses on helping under-employed individuals secure meaningful employment with livable wages. Supported by existing programs like Urban Apprenticeship and Urban Tech Jobs, this effort aligns with Fifth Third’s $2.8 billion commitment to racial equality and economic empowerment in underserved communities.

Fifth Third Bank has introduced Early Pay for its Momentum Checking customers, allowing them access to their paychecks up to two days earlier at no cost. This feature aims to enhance financial well-being by helping customers avoid overdraft fees and reducing reliance on payday lenders. Having launched earlier in select markets, Early Pay has garnered positive feedback from customers. With various options for fast access to funds and a $0 monthly maintenance fee, Fifth Third continues its commitment to delivering innovative banking solutions.

Fifth Third Bancorp (NASDAQ: FITB) has announced a definitive agreement to acquire Provide, a digital platform tailored for healthcare practices. This acquisition enhances Fifth Third’s capabilities in meeting the complex banking needs of retail healthcare providers, solidifying its position in a rapidly growing sector. Fifth Third's prior investments and collaboration with Provide since 2018 set a favorable foundation for this deal. Although financial terms remain undisclosed, the partnership aims to improve client service and expand product offerings for healthcare practitioners nationwide.

Fifth Third Bank's "Feeding Our Communities" initiative provided over 4.6 million meals in May to combat hunger. This monthlong effort included virtual volunteer activities by employees and monetary donations. The initiative aligns with Fifth Third's commitment to social responsibility and addresses increasing food insecurity, especially due to the pandemic. In regions like Greater Cincinnati, employees participated in food drives and donations, significantly impacting local food banks. This initiative is part of Fifth Third's broader environmental, social, and governance strategy.

Fifth Third Bancorp (Nasdaq: FITB) announced cash dividends for its various shares, including $0.27 per common share for Q2 2021, payable on July 15, 2021, to shareholders on record as of June 30, 2021. Preferred shareholders also benefit from dividends on Series H at $637.50, Series I at $414.06, Series J at $210.4375, Series K at approximately $309.375, Series L at $281.25, and Class B Series A at $15.00, all payable on June 30, 2021, to shareholders on record as of June 28, 2021.

Fifth Third Community Development Corp. is investing an additional $2.5 million in First Independence Bank, elevating its total investment to $5.5 million. This makes Fifth Third the largest investor in the minority depository institution. The investment aims to bolster community development and economic opportunities in minority communities, enabling the creation of over $50 million in new loans. This initiative aligns with Fifth Third's Accelerating Racial Equality, Equity and Inclusion strategy, further supporting financial literacy and community investment.