DETROIT (AP) – Fifth Third Bank says it will invest $100 million in southeast Michigan over three years, open up to 40 banking centers and create up to 350 jobs.
Yesterday’s announcement follows Comerica Inc.’s recent announcement that it will move its corporate headquarters from Detroit to Dallas.
“Southeast Michigan is a growth market for Fifth Third Bank,” Greg Kosch, president of Fifth Third (Eastern Michigan), said in a statement. “We will build out our banking center distribution network, increase wealth-management capabilities and reinforce the commercial bank portfolio over the next few years.”
Two new centers will open in Detroit in March and April, the Detroit Free Press reported. Branches also could open in Fenton, Ann Arbor, Berkley and Riverview.
Cincinnati-based Fifth Third operates 1,150 full-service banking centers in Ohio, Michigan, Kentucky, Florida, Illinois, Tennessee, Indiana, West Virginia, Pennsylvania and Missouri. It has both retail and commercial banking products.
It is the Detroit area’s sixth-largest bank. Fifth Third increased its consumer deposit market share by 21 percent in southeast Michigan in the last reporting period, officials said.