Fifth Third Bank closing 100 branches, selling 30 properties
GRAND RAPIDS, Mich. – Fifth Third Bank plans to close or sell 100 branches along with 30 properties the company originally bought to expand branch offices by mid-2016.
This will be the largest branch closing in the history of the bank, Fifth Third Bank Senior Vice President and Director of Corporate Communications Larry Magnesen told FOX 17 News.
The anticipated closings are due to a change in the way people bank. The company and overall industry is seeing an increase in mobile banking and ATM use as well as a reduction in the number of people coming into the branch for typical transactions, Magnesen said.
However, Fifth Third Bank branches are seeing a rise in customer consulting for services such as mortgages and loans. At this point, Magnesen said, it is too early to tell when and if employees will be laid off, but he says the company will minimize employee layoffs.
“Over about a 15-month period, we’ve seen a 75 percent increase in the number of checks deposited with mobile devices,” said Magnesen. “We’re at the point now where about a third of our entire customer base is actively using mobile banking technology.”
According to Magnesen, it is uncertain at this point which branches will be affected across the country.