WASHINGTON (dpa-AFX) - Fifth Third Bank (FITB) has opened its first Alabama financial center in Huntsville, extending its retail network to 12 states.
The move is part of its plan to open 200 new branches by 2028, with nearly 80% of sites already secured. The strategy focuses heavily on the Southeast, where the bank expects about half its branches will be located by the end of 2028. Over the next three years, Fifth Third will open 15 Alabama branches-10 in Huntsville and five in Birmingham-to establish a strong market presence and increase deposit share.
Branches built between 2022 and 2024 are exceeding expectations, averaging over $25 million in deposits within a year of opening. The bank projects $15-$20 billion in deposit growth over the next seven years, fueled by this regional expansion. Huntsville's rapid population growth, driven by aerospace, defense, and technology industries, makes it a strategic entry point. Fifth Third's expansion is supported by proprietary data analytics, including its Market Strength Index and geospatial heat mapping, to identify optimal branch sites.
The bank combines in-person service with digital innovation, offering its award-winning Momentum Banking product and redesigned financial centers that encourage customer engagement. AI-powered tools help bankers deliver personalized guidance, boosting engagement by 40%. The Huntsville launch will be followed by a community celebration in September, reflecting Fifth Third's commitment to local investment and purposeful growth.
Shawn Niehaus, head of consumer banking, described Huntsville as an ideal starting point in Alabama due to its innovative spirit. He said the bank aims to balance forward-looking solutions with deep community investment to build lasting relationships and shared progress.
COO Jamie Leonard highlighted the Southeast expansion as part of a disciplined growth strategy that prioritizes service quality and community impact. He emphasized building branch density in the right locations to meet customer needs while supporting local growth.
FITB currently trades at $41.94 or 1.64% higher on the NasdaqGS.
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