Fifth Third Bank to shed 44 branches system-wide

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.

Officials didn't identify the branches that will close but said affected employees and customers would be informed of the changes next month.

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

Fifth Third has about 44 branches and about 490 employees in the Indianapolis area, according to information provided by the bank early this year.

The latest cuts would remove nearly 4 percent of the bank's 1,191-branch network.

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.

 

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