Fifth Third Cutting More Branches

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The company is headquartered in Cincinnati. The company is headquartered in Cincinnati.
CINCINNATI, OH -

One of the largest banks in the Midwest has announced another round of branch closings. Cincinnati-based Fifth Third Bancorp (Nasdaq: FITB) says it will close or sell off 44 branches and five undeveloped properties as part of continued effort to fall in line with "changing customer preferences." The bank's footprint covers 10 states, including Indiana where its website lists at least 90 locations.

In a filing with the U.S. Securities and Exchange Commission, Fifth Third says the consolidation is in addition to streamlining it announced last year that involved 100 branches and 30 parcels of land.

The latest batch of banks is expected to close in the first quarter of next year. Fifth Third has not yet publicly identified the locations that will close, nor has it tallied the number of affected employees. It expects real estate closure expenses to total between $4 million and $6 million and non-cash impairment charges to be between $25 million and $30 million.

Fifth Third has more than 1,200 full-service locations in Ohio, Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, Tennessee and West Virginia.

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