Banking

Fifth Third Bank to shed 44 branches

Associated Press
Signs outside a Fifth Third Bank are lit up at dusk in Cincinnati in this photo from 2009.
Signs outside a Fifth Third Bank are lit up at dusk in Cincinnati in this photo from 2009. Al Behrman Associated Press
CINCINNATI

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.

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.

This story was originally published September 14, 2016 at 3:26 PM with the headline "Fifth Third Bank to shed 44 branches."

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