WASHINGTON, D.C.—U.S. Sen. Sherrod Brown (D-OH) applauded Fifth Third’s announcement today that the Cincinnati-based company will be repaying funding from the U.S. Treasury through the Emergency Economic Stabilization Act (EESA).
“I am pleased to learn that Fifth Third will soon repay the original investment from American taxpayers, plus $350 million in dividends. This is a major accomplishment for Ohio’s largest state-chartered bank and one of Ohio’s largest employers,” Brown said. “Fifth Third has a long heritage in the Buckeye state dating back over 150 years, and now that the company has exited all government programs aimed at stabilizing the financial system it is well positioned to continue this business for many years to come.”
The Emergency Economic Stabilization Act (EESA) created the Troubled Asset Relief Program’s (TARP) Capital Purchase Program (CPP) which provided federal funds to help banks like Fifth Third to thaw frozen credit markets for Ohio small businesses.