Fifth Third Financial institution plans to close down 23 branches by the tip of 2023, in keeping with a regulatory submitting from the Workplace of the Comptroller of the Foreign money.
The Cincinnati-based lender is concentrating its consolidation efforts within the Midwest, with plans to shutter eight branches in Ohio, 5 in Michigan, three in Kentucky, two every in Indiana and Florida, and one every in North Carolina and Illinois, in keeping with the submitting.
The financial institution closed 41 branches final yr, a Fifth Third spokesperson informed American Banker.
In its submitting, Fifth Third additionally famous two department openings — in Florida and North Carolina. Fifth Third opened 12 branches in 2022, and is focusing on 30 to 35 department openings this yr, in keeping with American Banker.
The financial institution has accelerated its Southeast push over the previous 5 years. Fifth Third’s deposits in that area are rising at a 7.3% annual clip, whereas the expansion price within the Midwest is round 2.4%, Fifth Third CEO Tim Spence informed at a convention final month, in keeping with American Banker.
“We’re gaining share in each households and deposits, and the brand new branches are reaching breakeven within the two- to three-year vary,” Spence mentioned.
The OCC submitting comes throughout every week wherein Fifth Third additionally introduced it might launch a function meant to present entry to tax refunds 5 days early for purchasers utilizing the financial institution’s Momentum checking account.
The free function will likely be out there late this month. To qualify, prospects should direct-deposit their refunds into their Momentum account.
Howard Hammond, head of Fifth Third’s client financial institution, touts the Cincinnati-based lender as the primary conventional financial institution to roll out such a function. Digital banks equivalent to Chime and Present used early entry to authorities stimulus funds as a promoting level to develop their buyer bases within the COVID-19 pandemic’s early days.