5/3 Bank to close branches

CINCINNATI (MCCLATCHY) — Fifth Third Bank, a Cincinnati-based lender with a retail presence in 12 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.

“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.