With an increasing number of its customers electing online services rather than brick and mortar branches, Fifth Third Bank says 36 more branch banks were closed last month…seven of them here in Michigan…and more may face the ax going forward.
The Fifth Third Bank branch on Monroe Street in Bangor was among the seven closed down in January. Others were in Portage, Battle Creek, Okemos, White Lake, Saginaw and on Plainfield in Grand Rapids.
Larry Magnesen is Director of Corporate Communications for Fifth Third, the nation’s 13th largest. He told Grand Rapids reporters that the bank’s customers are now doing nearly two-thirds of their transactions digitally. He was quoted as saying, “We’ve seen a huge migration in transaction activity,” including mobile apps and other online access.
The bank still operates 201 branches around Michigan, including a number of branches in the tri-county area of Berrien, Cass and Van Buren Counties. With over 200 branches in operation, Fifth Third is the fifth largest banking company in the Great Lakes State.
How many more closures are on the docket or where has not been released by the company.
