Endowment represents a $1 million investment during the past 18 months
Fifth Third Bank (Eastern Michigan) presented a $100,000 grant to Detroit’s Northwest Activity Center (NWAC). Located at the corner of Meyers Road and Curtis Ave., the NWAC is a vital community resource that offers programs and activities for the entire family that range from financial literacy and job placement to recreation.
This endowment is part of a $1 million investment Fifth Third Bank has made in the NWAC during the past 18 months to fund a variety of building and technology improvements. Among them include installing a micro bank branch, an Apple computer lab with nine workstations, complete remodeling of the center’s ballroom, the renovation and furnishing of the conference room with tables and chairs to seat 50, new wall and floor coverings throughout the main level, electronic signage, complete building WI-FI and the installation of artwork by renowned artist Bill Sanders whose work is on display at the Detroit Institute of Art. Fifth Third Bank’s involvement in the NWAC spurred ancillary investment as the center’s occupancy rate spiked from 40 percent to nearly 100 percent today.
“The Northwest Activities Center shares Fifth Third Bank’s mission of providing the necessary tools to empower individuals to manage their financial and physical health,” said Byna Elliott, Fifth Third Bank’s Senior Vice President and Regional Director of Community & Economic Development. With this grant, Fifth Third Bank is making an investment in Detroit’s future by strengthening the community one neighborhood at a time.”
The NWAC plans to put the grant to immediate use by applying it to fund further renovation efforts. It was made possible by Fifth Third Bank’s Community Reinvestment Act (CRA) Enterprise Investment Fund (EIF), which is designed to strengthen CRA lending, investment and service performance across the Company. Fifth Third Eastern Michigan worked with Detroit Employment Solutions Corporation, a NWAC tenant, to identify the community need and applied to the EIF to support the center. Detroit Mayor Mike Duggan accepted the grant on behalf of the NWAC during a presentation ceremony at the center during the Bank’s Leadership Meeting on October 22.
Contributions from the EIF must directly benefit low- and moderate-income individuals and/or geographies, designated disaster areas; or distressed or underserved non-metropolitan middle-income geographies. They must also have the primary purpose of community development.
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Fifth Third Bank, Eastern Michigan, is based in Southfield, Michigan and led by President David F. Girodat. Fifth Third Bank is metropolitan Detroit’s fourth largest bank and has $4.9 billion in assets.
Fifth Third Bank serves customers in eight southeastern Michigan counties: Wayne, Oakland, Macomb, St. Clair, Shiawassee, Livingston, Genesee and Washtenaw. Fifth Third Bank currently operates 92 banking centers, and more than 150 ATMs throughout eastern Michigan.
Fifth Third Bank is proud to be named as one of the “101 Best & Brightest Place to Work” by the Michigan Business and Professional Association and a Top Place to Work” by the Detroit Free Press.