Charlotte
Fifth Third Bank breaks ground on new Beatties Ford Road branch
Fifth Third Bank, which has invested more than $20 million to support economic development in Charlotte’s Historic West End, broke ground Friday on a new Beatties Ford Road branch location. The branch is scheduled to open this fall.
Importance of the Project
About 72% of the project’s construction dollars will go to minority-owned businesses, according to Fifth Third officials. The project’s general contractor, McFarland Construction, is a Black-owned company based in Charlotte. Fifth Third is the latest in a growing number of national banks to open locations on Beatties Ford Road, joining banks like Chase Bank, TD Bank, and Bank of America.
Commitment to the West End
Lee Fite, Fifth Third’s regional president in Charlotte, expressed the bank’s long-standing desire to have a branch in the West End neighborhood. The bank’s Empowering Black Futures Neighborhood Program has already made significant investments in the West End, focusing on driving economic mobility. Fifth Third’s commitment to the community includes supporting affordable housing, Black-owned businesses, and community-based grants.
Supporting Local Education
At the groundbreaking event, Fifth Third announced a $10,000 gift to West Charlotte High School, where the bank has sponsored an internship program focusing on workforce development in areas like construction and financial services.
Expanding Footprint in the Southeast
Fite highlighted that the Beatties Ford branch is part of a larger effort to expand Fifth Third’s presence in southeastern states. The bank has seen significant growth in North and South Carolina, with new branches in areas like Charleston and Greenville-Spartanburg. Fite emphasized that the bank is capitalizing on the population growth and economic opportunities in the Southeast and the Carolinas.
Final Thoughts
Fifth Third Bank’s groundbreaking on Beatties Ford Road signifies a continued commitment to supporting economic development in Charlotte’s Historic West End. With a focus on minority-owned businesses, community engagement, and educational initiatives, the bank is poised to make a lasting impact in the region.