Fifth Third Bank To Close, Consolidate 44 Branches

DETROIT (WWJ/AP) – Fifth Third Bank says it plans to consolidate or sell 44 branches and five parcels of undeveloped land next year.

The Cincinnati-based bank unveiled the plan during an industry conference Tuesday. The announcement comes more than a year after it started consolidating or selling about 100 branches and about 30 other properties.

The latest cuts would remove nearly 4 percent of the bank’s 1,191-branch network. Officials didn’t identify the branches that will close but said affected employees and customers would be informed of the changes next month.

Bank officials expect the plan will result in asset write-downs of $25 million to $30 million and require $4 million to $6 million for lease terminations.

Besides Michigan, Fifth Third has branches in Florida, Georgia, Illinois, Indiana, Kentucky, North Carolina, Ohio, Tennessee and West Virginia.

TM and © Copyright 2016 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2016 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.

 

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