Fifth Third to close 44 local branch banks

  • Ohio-based Fifth Third Bank will close 44 Fifth Third and MB Financial branches in the suburbs and Chicago next month.

    Ohio-based Fifth Third Bank will close 44 Fifth Third and MB Financial branches in the suburbs and Chicago next month. Daily Herald file photo

 
 

Fifth Third Bank will close 44 Fifth Third and MB Financial branches in the suburbs and Chicago next month, part of the Ohio-based bank's move to consolidate operations in the wake of its merger with MB Financial Bank last year.

The closings will take place on July 9 and 10, according to Fifth Third spokesman Larry Magnesen. Most of the branches that are closing are located near another Fifth Third or MB Financial branch, he said, noting 25 of the branches are within one mile of another facility and 18 of those are within one-half mile of another.

"They were literally across the street," he said.

The closings were anticipated when Fifth Third merged with Chicago-based MB Financial in a $4.7 billion deal in May 2018. At that time, company officials had anticipated closing up to 50 branches in the area.

Customers of the branches that are closing were notified by mail and given alternate locations to continue banking, Magnesen said, and many employees of the branches will be moved to other facilities.

"Many will see the same faces when they go (to a new location)," he said.

Although the bank is reducing its overall number of brick-and-mortar locations, Magnesen said Fifth Third still operates 190 branches in the Chicago region, which makes it the second-largest bank in terms of branch offices.

Magnesen said Fifth Third is still committed to maintaining a physical presence in the region, but he said the facilities will evolve as banking functions such as making deposits are becoming more popular online and through banking apps. He anticipates branches will focus more on working with customers on larger financial strategies, such as mortgages and other loans.

"They'll be more where you can sit down with a banker on bigger issues," he said.

Last April, Fifth Third laid off nearly 500 workers from its corporate offices in Rosemont and Chicago as a part of consolidating operations.

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