Fifth Third commits $650 million to metro Detroit over 5 years

Posted on December 9, 2016

Fifth Third Bank is committing $650 million to community development in the metro Detroit region over the next five years as part of a broader national initiative.

The local commitment, which will be in the form of mortgage lending, small business lending, community development lending and philanthropy, comes at a time when the Cincinnati-based bank is closing 44 branches across its operations. It’s unclear whether any of Michigan’s 22 branches will be closed.

The cuts would remove nearly 4 percent of the current 1,191-branch network.

Bank officials expect the move to save the company between $13 million and $14 million a year. By early 2017, Fifth Third’s branch network will be 12 percent smaller than it was in 2015, reported in September.

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Dustin Walsh , Crains Detroit Business .