Fifth Third Bank says it plans to consolidate or sell 44 branches and five parcels of undeveloped land next year.
The cuts, announced Tuesday by the Cincinnati-based bank, would remove nearly 4 percent of the lender’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.
Fifth Third is Charlotte’s fourth-largest bank by deposits has about 39 branches in the region.
The announcement comes more than a year after Fifth Third started consolidating or selling about 100 branches and about 30 other properties.
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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 Ohio and North Carolina, Fifth Third has branches in Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, Tennessee and West Virginia.