Fifth Third won't exit additional markets beyond Pittsburgh and St Louis
Following on from Fifth Third's announcement in June that it was to cut 100 branches as part of its restructuring plans, the bank has confirmed that it won't exit any additional markets beyond Pittsburgh and St Louis. So far, Fifth Third have sold off or closed over 40 branches under its new plans, which it says is ﻿due to customers changing their banking habits.

Alexander Coolidge

acoolidge@enquirer.com

Fifth Third won't exit any additional markets beyond Pittsburgh and St. Louis, bank officials said Monday.

The Cincinnati-based regional bank is cutting 100 branches or 7.7 percent of its retail footprint under a consolidation plan announced in June. Last month, the bank said it would sell off more than 30 offices in separate deals in Pennsylvania and Missouri. On Monday, bank officials said the remaining cuts will be achieved by trimming locations in the 10 states where Fifth Third will continue to do retail banking.

Fifth Third officials wouldn't comment on any potential new cuts to branches in Greater Cincinnati, after disclosing last month two in the region would close – one each in West Chester and Oxford.

"While there remain some additional branch closings across our footprint, St. Louis and Pittsburgh are the only retail markets we’ll exit completely as part of the plan," said spokesman Larry Magnesen, who added the plan to reduce branches won't wrap up until next June.

So far, Fifth Third has sold off or closed more than 40 branch closures under the consolidation. Other confirmed closures were five Michigan branches.

Fifth Third says the closures come as bank customers have changed their habits. More consumers use ATMs and mobile phones for routine transactions.