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UNDATED, Mich. -- The merger between Fifth Third Bank and Comerica Bank will lead to the closure of 75 branches across Michigan this summer. Of these, 55 are former Comerica Bank locations, while 20 belong to Fifth Third Bank. Despite the closures, officials assure that customers will have access to more banking sites than before the merger, which was finalized in February.
According to data from the Federal Deposit Insurance Corporation (FDIC), there were 163 Fifth Third branches and 143 Comerica branches in Michigan last summer. After the closures, the total number of branches will be reduced to 227, ensuring continued service to customers.
The closures have sparked some concerns, particularly from Fair Finance Watch, which opposed the merger due to potential impacts on low- and moderate-income (LMI) communities. The organization has criticized the timing of the branch closure list's release, arguing it limits public comment on the merger's effects.
Some closures involve consolidating branches within close proximity, which may affect service accessibility for some customers.
The merger has also raised questions about the use of artificial intelligence (AI) in banking practices, with concerns about how it might impact customer service. Fifth Third's acquisition of Mechanics Bank's servicing portfolio has added to these discussions.
Despite these challenges, the banks are moving forward with the merger, aiming to enhance their service offerings and operational efficiency.