Fifth Third bank reigning as Southeast’s growth champion in 2024.

Fifth Third Bancorp plans to open 31 new branches in the Southeastern United States in 2024, following the opening of 37 branches in the region in 2023. The move is part of the bank’s broader strategy to expand in the Southeast, where it already has more than 320 branches. The expansion will be offset by the closure of 29 branches in other parts of the country. Fifth Third’s presence in the Southeast already differentiates it from competitors, according to CEO Tim Spence, who said the strategy has been in place since 2018 and is a long-term investment that cannot be easily replicated by rivals. The bank reported strong financial results for Q4 2023, including record revenue, a common equity Tier 1 capital ratio of over 10%, and strong deposit growth.