Fifth Third Bank To Move Headquarters To Downtown Detroit, Invest In City

DETROIT (WWJ/AP) - Fifth Third Bank plans to move a regional headquarters in Michigan to downtown Detroit from the suburbs and invest in the city's redevelopment.

The Cincinnati-based financial institution plans to move about 150 workers from Southfield into several floors of One Woodward Center.

David Girodat, president and CEO of Fifth Third Bank Eastern Michigan, says the bank is committing to $85 million in economic development investments in the city over the coming five years, including charitable donations and small business loans.

Detroit Mayor Mike Duggan and businessman Dan Gilbert were among those in attendance for the announcement on Tuesday. One Woodward Center is owned by Bedrock Real Estate Services, Gilbert's real estate arm.

This is the first time since 2007 a major bank has had its headquarters in Detroit.

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