FIFTH THIRD BANK CLOSING 44 BRANCHES, DUMPS PROPERTY
Bowdeya Tweh and Alexander Coolidge
Cincinnati.com
September 13, 2016
Fifth Third Bank said Tuesday it will shed 44 branches and sell five parcels of land as part of an ongoing assessment of its retail banking network.
Tuesday’s announcement expands the branch closure plan the Cincinnati-based regional bank announced in June 2015, a process that culminated in more than 100 locations closing. The latest cuts would remove nearly 4 percent of the current 1,191-branch network. Bank officials expect the move to save the company between $13 million and $14 million a year.
By early 2017, Fifth Third’s branch network will be 12 percent smaller than it was in 2015. The company cited “changing customer preferences” toward increased digital transactions for the move.
Company officials did not identify the branches it will close but said affected employees and customers would be informed next month. The plan was unveiled Tuesday morning at an industry conference in New York.
“We’re mindful that branches are important… but I would expect this to be an annual exercise,” said CEO Greg Carmichael to analysts at the Barclays Global Financial Services Conference.
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