Fifth Third Builds a New Model for Community Development in South Chicago

Fifth Third Bank’s long history of supporting communities goes back to 1948, when it became the first U.S. financial institution to establish a charitable foundation. Today, the bank is ramping up community investment through its Neighborhood Program. This multi-year, place-based approach aims to accelerate revitalization in nine historically underinvested communities within Fifth Third’s footprint, including the South Side neighborhood of South Chicago.

“Our goal is to demonstrate that by investing intentionally in these communities, and working alongside residents and partners, we can spur growth and ultimately create a new model for community development.”

Rob McGhee
Fifth Third Senior Vice President
Community Impact Territory Manager

Once a thriving industrial community, South Chicago experienced economic decline after the closure of the South Works steel mill in 1992. However, the community remains actively committed to revitalization and is poised for new growth with the planned redevelopment of the old steel mill site into a quantum research center. To catalyze community development, Fifth Third has committed up to $20 million in lending and investment for affordable housing, small business development, and other community-driven projects. Beyond dollars and cents, the bank is also working in deep collaboration with the community and contributing employee time and expertise.

Collaborating for Good

To ensure South Chicago can unlock the full potential  of Fifth Third’s investment, the Trust made a $250,000 grant to Claretian Associates, a longtime Trust grant partner and the bank’s lead partner in South Chicago. The grant supports the hiring of a real estate director who will facilitate brick-and-mortar development while working to avoid resident displacement and preserve neighborhood affordability.