Fifth Third Celebrates Historic Milestone With Grand Opening of Adelphi Bank in Columbus, Ohio

In a significant stride toward financial inclusion and empowering underserved communities, an historic name in Black-owned banking has been reborn in Columbus, Ohio. Adelphia Bank recently opened its doors as a minority depository institution and the only Black-owned bank in the state of Ohio. According to the Federal Deposit Insurance Corp., it’s one of only 21 Black-owned banks and one of 145 MDIs in the United States.

Fifth Third Bancorp, though its affiliate (“Fifth Third”), has invested over $2 million into Adelphi Bank, making Fifth Third one of Adelphi’s largest investors. “Fifth Third and Adelphi Bank share the goal of building a more inclusive economy, said Kala Gibson, Fifth Third’s chief corporate responsibility officer. “Our shared commitment to removing the barriers to financial equity builds on our commitment to accelerate racial equality, equity and inclusion in Ohio and beyond.”

The investment is consistent with Fifth Third’s involvement with Project REACh. Banks that are signatories to Project REACh’s pledge to strengthen minority depository institutions agree to promote the viability and preservation of minority depository institutions and to help reduce specific barriers that prevent full, equal and fair participation in the nation’s economy among traditionally disadvantaged communities that can directly benefit from additional tools, products and services, including those offered by MDIs.

Adelphi Bank's name and location pay homage to Adelphi Loan & Savings Co., which was incorporated Feb. 8, 1921. That earlier bank was Central Ohio’s first Black-owned bank, but it failed less than 20 years later during the Great Depression. The new Adelphi stands just a block from its predecessor’s home, on which the Adelphi Loan & Savings name remains etched in stone.

With its grand opening, Adelphi Bank stands as a beacon of hope and opportunity to create a more equitable financial landscape.

To be considered an MDI, 51% or more of the institution’s voting stock must be owned by minority individuals, and the majority of its directors must be diverse.

Adelphi Bank was formed by several prominent Ohio leaders, including Jordan Miller, former president of Fifth Third’s Central Ohio region, and Franklin County Commissioner Kevin Boyce.

According to Miller, now Adelphi’s chairman and CEO, the new bank, which raised $24 million in startup capital, can help address the racial wealth gap – starting with the nearly one-fifth of Black homebuyers who are rejected for mortgage loans.

“Where there are Black-owned banks, Black people get mortgages,” said Miller. “Black business owners get financing for those supplier diversity or supply chain issues that they have. People get a conversation with the professionals. They get education for their children, so that’s why it’s significant.”

Adelphi Bank is in the Near Eastside neighborhood of Bronzeville in Columbus, one of the nine areas targeted by Fifth Third’s Empowering Black Futures Neighborhood Program, a signature component of Fifth Third’s $2.8 billion Accelerating Racial Equality, Equity and Inclusion initiative. The $2 million Adelphi investment further contributes to Fifth Third’s $20 million commitment to Bronzeville.