June 22--Fifth Third Bank, a Cincinnati-based lender with a retail presence in Illinois and 11 other states, said Monday that it plans to close or sell about 100 branches, as well as 30 other properties it bought earlier for future expansion.
Fifth Third currently has 1,300 branches.
A Fifth Third spokesman said the company wasn't disclosing which branches were expected to close or be sold.
As of June 30, 2014, it had more than 170 branches in the Chicago area, and ranked sixth in deposit market share at 3.9 percent.
"Consumer demographics and our customers' preferred channels of banking are undergoing significant changes," Kevin Kabat, Fifth Third vice chairman and chief executive, said in a statement. "Over the past several years, we have made significant improvements to our mobile banking options and our sales and staffing models, and plan to tailor our branch network in concert with these changes."
Ultimately, Fifth Third, which has $140 billion in assets, said the closings will help it save $60 million a year.
byerak@tribpub.com
