{"id":825101,"date":"2025-03-12T17:06:05","date_gmt":"2025-03-12T21:06:05","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/fifth-third-breaks-ground-on-new-branch-in-cincinnatis-avondale-neighborhood\/"},"modified":"2025-03-12T17:06:05","modified_gmt":"2025-03-12T21:06:05","slug":"fifth-third-breaks-ground-on-new-branch-in-cincinnatis-avondale-neighborhood","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/fifth-third-breaks-ground-on-new-branch-in-cincinnatis-avondale-neighborhood\/","title":{"rendered":"Fifth Third Breaks Ground on New Branch in Cincinnati\u2019s Avondale Neighborhood"},"content":{"rendered":"

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Fifth Third Breaks Ground on New Branch in Cincinnati\u2019s Avondale Neighborhood<\/b><\/p>\n

Branch will expand financial access to residents in a banking desert<\/i><\/p>\n

CINCINNATI–(BUSINESS WIRE<\/a>)–
\nToday Fifth Third (NASDAQ: FITB) and community leaders celebrated the groundbreaking for a new full-service banking center in Cincinnati\u2019s Avondale neighborhood, which has been without a standalone bank branch for nearly five years.\n<\/p>\n

\nThe new branch is expected to open to the public in late summer or early fall and is among 15 banking centers Fifth Third plans to open in low- and moderate-income (LMI) or high minority (HMT) population census tracts this year. The branch will enable Fifth Third to increase financial access for the community while contributing to the revitalization of Avondale.\n<\/p>\n

\nFifth Third prioritizes financial access and neighborhood revitalization through its Neighborhood Program<\/a>, a community development initiative which creates and implements innovative place-based strategies to effect positive change in historically disinvested neighborhoods across the Bank\u2019s 11-state footprint. As Fifth Third strategically expands and opens new financial centers across the U.S., 30% of new branches in development will be in LMI and\/or HMT areas. In addition to new centers, Fifth Third offers its Financial Empowerment Mobile, known as the eBus, and Banking to Go kiosks to address gaps in financial services in underserved communities.\n<\/p>\n

\n\u201cAt Fifth Third, we believe that strong banks need strong communities, and strong communities need strong banks,\u201d said Kala Gibson, chief corporate responsibility officer for Fifth Third. \u201cWe are proud to contribute to the revitalization of Avondale by expanding financial access through this new branch, in addition to many other community investments in recent years.\u201d\n<\/p>\n

\nLocated in the Avondale Town Center, the new branch will be a model for innovation and sustainability, occupying 2,024 square feet in a storefront along Reading Road. The existing full service drive-up ATM in the town center parking lot will remain. Inside, the center\u2019s 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. The branch is expected to open in late summer or early fall 2025, with Walnut Hills-based Triversity Construction serving as the general contractor. Soul Palette, a local Cincinnati artist, will design and install a mural that celebrates Avondale\u2019s history.\n<\/p>\n

\n\u201cWe are able to celebrate the opening of this Avondale location because of the special bond that exists between our community partners and our local Fifth Third team,\u201d said Tim Elsbrock, president, Fifth Third Bank, Greater Cincinnati Region. \u201cThis 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.”\n<\/p>\n

\nAvondale, Cincinnati\u2019s largest African American community, has experienced decades of disinvestment leading to population decline, aging housing stock and increased poverty.\n<\/p>\n

\n“The Avondale Development Corporation is excited to welcome Fifth Third to our Avondale community,\u201d said Russell Hairston, executive director of the Avondale Development Corporation. \u201cThis is more than just a bank opening; it represents a commitment to Avondale’s future. This marks a significant step toward economic empowerment and neighborhood revitalization. By providing accessible financial services, small business support, and homeownership opportunities, Fifth Third is helping to create a more financially inclusive Avondale. We look forward to partnering with them on financial literacy programs, workforce development initiatives, and community investment strategies that will uplift residents and drive sustainable growth, which aligns with ADC\u2019s mission to foster sustainable community development.\u201d\n<\/p>\n

\nFifth Third launched its neighborhood program in 2021, taking a place-based approach to community development where the Bank works 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.\n<\/p>\n

\nIn partnership with the Avondale Development Corporation and other community partners, Fifth Third has made $33.6 million in direct investments into Avondale and helped catalyze $17.9 million from other entitles for a total financial impact of $51.5 million.\n<\/p>\n

\nKey initiatives include:\n<\/p>\n