Fifth Third Bancorp has announced plans to shut down an additional 44 branches and sell five parcels of land as part of an ongoing assessment of its retail banking network.
The branches, expected to be closed during the first quarter of 2017, are expected to save $13m to $14m annually.
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“Fifth Third Bancorp (the “Bancorp”) monitors changing customer preferences associated with the channels it uses to distribute its products and services to evaluate the efficiency, competitiveness and quality of the customer service experience in its consumer distribution network. As part of this ongoing assessment, the Bancorp identified 44 additional branch locations and 5 parcels of undeveloped land that had been acquired by the Bank for future branch expansion that it plans to consolidate or sell,” the bank said in a filing to the US Securities and Exchange Commission.
In association with these closures, the bank expects to report a non-cash impairment charge of $25m to $30m in the third quarter of 2016.
The bank also stated that it could spend $4m to $6m on lease terminations during the first quarter of 2017.
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