Fifth Third will close 81 branches this summer as it integrates Comerica, following the close of its $10.9 billion acquisition in February, according to the Office of the Comptroller of the Currency website.
The majority of these locations – 59 – were originally Comerica locations, and 75 out of 81 are located in Michigan.
Four locations in Florida will also close, as will one each in California and Texas.
“Fifth Third is building a stronger, more efficient branch network that supports customers today and positions the Bank for long-term sustainable growth in Michigan and across our expanded footprint,” a spokesperson said via email, addressing only Michigan because it’s home to the majority of closures.
The bank is consolidating overlapping branches, and most of the closing branches will have another Fifth Third location within a mile.
“After customer conversion later this year, Fifth Third and Comerica customers in Michigan will have access to approximately 42% and 60% more branches, respectively, than they have access to today, including strong networks in Detroit, southeast Michigan and West Michigan,” the spokesperson said.
The post-conversion Fifth Third will have the largest banking network in Detroit, with 19 locations – a position previously held by Comerica, the spokesperson said.
Comerica was founded in Detroit in 1849 as Detroit Savings Fund Institute. It moved its headquarters to Texas in 2007.
Following its move, Comerica retained strong ties to the Detroit area. The home of the Detroit Tigers will retain its Comerica Stadium name until the Major League Baseball season ends, The Detroit News reported.
Acquisition-related cuts go beyond locations, with some 184 Comerica employees laid off from its Frisco, Texas, location in March. Hundreds more Comerica employees were laid off last month, The Detroit News reported.
“While these decisions are never easy, we believe these actions position us to deliver greater future value to our customers, communities, and shareholders,” a Fifth Third spokesperson told Banking Dive in January. “We are committed to treating all impacted employees with respect and providing support throughout this transition.”
A spokesperson for Dallas-based Comerica issued a similar statement to Banking Dive that month, noting “both companies are thoughtfully aligning roles to support future business needs.”
Alongside the closures, Fifth Third has said recently it's establishing new branches in locations such as Coconut Creek, Florida; Chapin, South Carolina; and Fairburn, Georgia.
