09:50 AM EDT, 09/26/2024 (MT Newswires) -- Fifth Third Bancorp ( FITB ) said Thursday that it has received a $50 million allocation in new markets tax credits from the Treasury Department's Community Development Financial Institutions Fund.

The financial services company said an affiliate of its Fifth Third Community Development Company, the Fifth Third New Markets Development Company, is among 104 community development entities to receive an award as part of a $5 billion Treasury fund allocation.

The tax credit program is intended to help economically distressed communities attract private investment capital, the company said.

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