Fifth Third Bank Provides Financing for 'World's Largest Ronald McDonald House'
CHICAGO, Dec. 17, 2010 /PRNewswire/ -- Fifth Third Bank (Chicago) today announced that it was recently selected over several other well known financial institutions to provide financing for development of the world's largest Ronald McDonald House, right here in Chicago at 211 East Grand Avenue.
At 14 stories tall, the new House will be a place of care and comfort for families of hospitalized children including 86 guest rooms, a rooftop healing deck and a kitchen filled with home-cooked meals.
A construction draw line of credit, of up to $23 million, convertible to permanent financing, along with the capital campaign of Ronald McDonald House Charities® of Chicagoland and Northwest Indiana (RMHC®-CNI), will provide funds to complete and open the House in 2012. The successful campaign recently hit the $18 million mark.
"Our decision to choose Fifth Third Bank was based on a great relationship with them over the years," said Doug Porter, CEO, RMHC-CNI. Fifth Third Bank has sponsored the RMHC-CNI scholarship program, providing opportunities for high school students to pursue college education. Bank commercial and retail personnel frequently volunteer to prepare and serve meals to families at the four area homes in Chicago.
Fifth Third Bank is committed to multiple years of support for the new Ronald McDonald House® which will provide a "home-away-from home" for families of children receiving treatment at the new Lurie Children's in addition to the Rehabilitation Institute of Chicago, Prentice Women's Hospital and Northwestern Memorial Hospital.
"This great story is a wonderful example of how Fifth Third Bank works in partnership with clients, to serve families and make neighborhoods better places, while handling their banking and financial needs," said Laura Shallow, FTCH, Vice President and Senior Relationship Manager of the Public Funds Group.
About Fifth Third
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. The Company has $112 billion in assets and operated 16 affiliates with 1,309 full-service Banking Centers, including 101 Bank Mart® locations open seven days a week inside select grocery stores and 2,390 ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Pennsylvania, Missouri, Georgia and North Carolina. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending, and Investment Advisors. Fifth Third also has a 49% interest in Fifth Third Processing Solutions, LLC. Fifth Third is among the largest money managers in the Midwest and, as of September 30, 2010, had $190 billion in assets under care, of which it managed $26 billion for individuals, corporations and not-for-profit organizations. Investor information and press releases can be viewed at www.53.com. Fifth Third's common stock is traded on the NASDAQ® National Global Select Market under the symbol "FITB."
SOURCE Fifth Third Bank (Chicago)