DETROIT, March 12 (UPI) -- Cincinnati's Fifth Third Bank plans to invest $100 million to open as many as 40 bank branches and creae 305 jobs in southeast Michigan, the bank said.
"We will build out our banking center distribution network, increase wealth-management capabilities and reinforce the commercial bank portfolio over the next few years," bank regional President Greg Kosch said.
Two Detroit centers will open by April, with branches in Fenton, Ann Arbor, Berkley and Riverview later this year, bank officials said.
Fifth Third, whose unusual name is a result of a 1908 merger of Cincinnati's Fifth National Bank and Third National Bank, operates 1,150 bank branches in Ohio, Michigan, Kentucky, Florida, Illinois, Tennessee, Indiana, West Virginia, Pennsylvania and Missouri. It offers both retail and commercial banking products.
The bank is metro Detroit's sixth-largest bank, with $7.3 billion in assets.
The announcement follows an announcement last week by Comerica Inc. that it was moving its corporate headquarters to Dallas from Detroit.
