You might need to find a new place to deposit your cash.
Fifth Third Bank announced more than two dozen branch closures, including several in Greater Cincinnati, according to Fifth Third spokesperson Jennifer Hendricks Sullivan.
The Cincinnati-based bank is a dominant financial institution, servicing businesses and communities in 11 states with roughly 1,000 full-service locations, according to their website . In 2018, the institution operated 121 local branches and had nearly $30 billion in local deposits .
However, these numbers are starting to change as Fifth Third is in the midst of closing 29 branches across the Midwest and Southeast this year.
The bank has already closed three Greater Cincinnati locations on Jan. 18, including the Hyde Park Bank Mart branch inside the Kroger in Hyde Park Plaza, the Cold Spring branch inside the Kroger at 375 Crossroads Blvd. and the Middletown stand-alone branch at 1010 Central Ave.
Why did these closures happen?
The bank chose to close these branches to allow for others to open in the future. Officials on a recent earnings call stated that Fifth Third will close 29 branches this year to offset costs associated with opening 31 new branches in their “high-growth” Southeast markets. This means that the bank will experience a total net gain of two branches.