Fifth Third Bank Closing Dozens Of Suburban Branches In July

CHICAGO, IL — Fifth Third Bank announced plans to close nearly one in five of its Chicago area branches next month, including several north suburban locations. The move follows the completion of the Cincinnati-based bank's $4.7 billion acquisition of Chicago-based MB Financial, first announced last May.

The former MB bank locations in Glencoe, Lincolnwood and Niles are among those set to be shuttered. Existing Fifth Third branches in Barrington and Libertyville will also be shut down. The 44 branches closing next month include eight in Chicago and 38 in the suburbs, downstate and Northwest Indiana, according to a Fifth Third spokesperson.

The closures will take place July 9 and 10, as the Cincinnati-based bank becomes the biggest retail bank in Chicagoland to cut back on its number of branch locations, according to Crain's Chicago Business.

With 190 locations remaining after the closures, Fifth Third will still have the second-largest branch network in the area, according to a bank spokesperson.

The most recent available data from federal regulators showed MB had $15.1 billion in deposits and 92 branches in the Chicago area, where Fifth Third had 145 branches with $11.3 billion in deposits, The Cincinnati Business Courier reported. The combination likely makes Fifth Third Chicagoland's fourth-largest bank when ranked by deposits.

A Fifth Third spokesperson told the Daily Herald 25 of the branches set slated for closing are within a mile of another facility, including some "literally across the street."

The MB brand was replaced with Fifth Third at 91 locations last month, the Chicago Tribune reported. The merger was expected to save more than $250 million annually in operating costs.

In April, the bank announced it was laying off nearly 500 workers, mostly at its offices at 6111 N. River Road in Rosemont.

"Customers of both banks will benefit from greater convenience and the complementary capabilities that our banks, together, can offer," said Greg Carmichael, chairman, president and CEO of Fifth Third Bancorp, announcing the acquisition last year.

The following branches are set to close July 9–10, 2019, according to Fifth Third:

• Chicago: 29 W. Division St.; 1 N. Wacker Dr.; 1 S. Dearborn St.; 100 S. Halsted St.; 644 W. Diversey Pkwy.; 2934 N. Milwaukee Ave.; 1624 W. Division St.; 932 W. Randolph St.
• Streamwood: 510 S. Sutton Rd.
• Yorkville: 444 Veterans Pkwy.
• Bartlett: 980 South IL Rt. 59
• Libertyville: 1366 S. Milwaukee Ave.
• Warrenville: 3601 Winfield Rd.
• Mundelein: 3 Nelson C. White Pkwy.
• Dixon: 102 S. Galena Ave.
• Hampshire: 251 S. State St.
• Hinckley: 101 W. Lincoln Ave.
• Schaumburg: 1699 E. Woodfield Rd.
• Barrington: 353 W. Northwest Hwy.
• Lake Zurich: 660 S. Rand Rd.
• Oak Brook: 1603 16th St.
• Lincolnwood: 4010 W. Touhy Ave.
• Lombard: 1145 S. Main St.
• Bloomingdale: 485 W. Army Trail Rd.
• Tinley Park: 9561 171st St.; 18299 S. Harlem Ave.
• Niles: 7557 W. Oakton St.
• Countryside: 600 W. Plainfield Rd.
• St. Charles: 2607 Lincoln Hwy.
• Glencoe: 356 Park Ave.
• Bensenville: 1230 Mark St.
• Oak Lawn: 9701 S. Cicero Ave.
• North Riverside: 7222 W. Cermak Rd.
• LaGrange Park: 401 N. LaGrange Rd.
• Burr Ridge: 7000 County Line Rd.
• South Holland: 16145 S. State St.
• Dyer, Ind.: 1218 Sheffield Ave