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58 Industry Updates From mergers and acquisitions to cutting-edge tech tools and solutions, here's the company news the industry is talking about this month. FIFTH THIRD ANNOUNCES 180 MILLION NEIGHBORHOOD INVESTMENT PROGRAM Fifth ird Bank, National Association, and Enterprise Community Partners announced the launch of a $180 million neighborhood program to accelerate revitalization in nine key majority- Black communities across seven states that have experienced disinvestment. Over a three-year period, the program will focus on organizations that create cross-sector partnerships to serve the communities within Fifth ird's retail banking footprint. "is opportunity allows Fifth ird to invest in a unique way by taking a thoughtfully structured approach to solve real-world systemic issues," said Greg Carmichael, Fifth ird Chairman and CEO. "is program goes beyond infusing capital into neighborhoods. We are working to make a significant impact by targeting investments in specific areas, collaborating with communities and their leading organizations and driving change through tangible place-based methods." Fifth ird is collaborating with Enterprise Community Partners, a national nonprofit that exists to make a good home possible for the millions of families without one. Together, they managed a criteria-based, invitation-only application process to select nine majority- Black neighborhoods that have seen a sustained period of disinvestment. Enterprise will provide technical assistance to support each neighborhood in developing and implementing a plan tailored to the unique challenges it faces. Enterprise will then assist with assessing the plan's effectiveness at improving the economic well-being of residents and small locally owned businesses. Among other solutions, the program will include investments in small businesses, homeownership and workforce development to create successful outcomes such as increased employment, economic stability, and growth. "e Fifth ird neighborhood program shows what is possible when we make intentional investments that center on Black life and legacy," said Priscilla Almodovar, President and Chief Executive Officer of Enterprise Community Partners. "Enterprise is so excited to join Fifth ird and this group of committed neighborhood partners on an initiative that powerfully aligns with our goals as an organization: increase the housing supply, advance racial equity, and build resilience and upward mobility." "We are committed to providing strategic insight that will help establish an upward trajectory to create economic opportunities in communities that have historically had limited investment," said Jada Grandy-Mock, Fifth ird's Chief Corporate Community and Economic Development Officer. "rough the Neighborhood Investment Program, we'll connect comprehensive assistance to build relationships within these communities, developing a foundation of equity to help eliminate racial disparities, and level the playing field." Fifth ird intends to commit up to $20 million in lending, investments and philanthropic support, including grants from the Fifth ird Foundation, depending on each neighborhood's aspirations, opportunities, and economic mobility plan. A combination of capital, products and services will be invested into small businesses, mortgages, philanthropic efforts, and neighborhood revitalization loans and investments. e recipient neighborhoods and lead organizations that will drive each community's efforts are: » Avondale, Cincinnati, Ohio: Avondale Development Corp. » South Chicago, Chicago, Illinois: Claretian Associates » Buckeye, Cleveland, Ohio: Cleveland Neighborhood Progress » East Tampa, Tampa, Florida: Corporation to Develop Communities of Tampa, Inc. » Grove Park, Atlanta, Georgia: Grove Park Foundation » Arlington Woods, Indianapolis, Indiana: Jewell Human Services Corp. » Historic West End, Charlotte, North Carolina: LISC » Near East Side, Columbus, Ohio: Partners Achieving Community Transformation » Russell, Louisville, Kentucky: Russell: A Place of Promise Organizations were invited based on their ability to meet specific criteria, including collaboration with the neighborhood's Black residents, existing civic infrastructure in the neighborhood, and the organization's capacity to manage equitable investment and wealth- building opportunities. e program's funds will cultivate investments and resources from additional stakeholders to support the economic mobility of low- to moderate-income residents in the target neighborhoods. Angela Hurlock, Executive Director of Claretian Associates, said her organization will use the funds to initiate several segments of her organization's "We're STEEL Here: Working Together to Reinvigorate South Chicago" initiative. "is crucial, critical investment is going to close our funding gap and make this plan come to fruition. We are so excited to bond our local, regional and federal partners with our great national partners in Fifth ird and Enterprise and make this a healthy community of choice where people can thrive," she said. e plan includes affordable housing, safe, and accessible community spaces, workforce development programming, and a revitalized business corridor. Bringing together a wide array of partners, the organization plans to use the neighborhood program's investment to revitalize East 91st