Fifth Third Bancorp Enters Alabama, Strengthens Southeast Presence

Fifth Third Bancorp FITB continues to expand its retail banking footprint across the Southeast by launching its first financial center in Alabama.

The Alabama entry marks a significant milestone in FITB’s multi-year growth strategy, which accelerated in late 2024 with plans to open 200 new retail branches by 2028. The bank’s Southeast expansion aims to rebalance its branch location mix, with approximately 50% of its locations expected to be in the region by the end of the rollout.

Details of FITB’s Alabama Expansion

In sync with its efforts to grow in high-growth Southeast regions, Fifth Third Bancorp has opened its first Alabama financial center in Huntsville. The bank plans to open 15 financial centers across the state over the next three years, including 10 in Huntsville and five in Birmingham. This expansion aims to build a strong market presence and establish the foundation for top-tier deposit share in both cities.

Fifth Third Bancorp’s growing retail footprint is designed to deliver a complementary digital and in-person customer experience. The bank uses data and analytics to ensure every customer interaction is personalized, informed, and productive.

The bank’s flagship Momentum Banking app offers features including Early Pay, SmartShield security, free overdraft protection, and estate planning. These digital solutions are designed to meet both everyday and long-term financial needs.

Shawn Niehaus, head of consumer banking of Fifth Third Bancorp, stated, “Huntsville is the perfect launch pad for our entry into Alabama, given the community’s emphasis on innovation. Our financial centers offer cutting-edge financial solutions with a differentiated customer experience to create deep, long-lasting relationships.”

FITB’s Progress with Expansion Efforts

Since announcing its Southeast-focused expansion strategy in late 2024, Fifth Third Bancorp has secured approximately 80% of its targeted sites and accelerated its pace of expansion.

In 2023, FITB opened 37 new branches in high-growth Southeast regions. In 2024, the bank established 31 branches and increased its commercial banking relationship manager headcount by 25% across expansion markets. These efforts contributed to a five-year CAGR of 11% in total deposits as of 2024.

Fifth Third Bancorp’s focused approach to organic growth is yielding strong, measurable outcomes. The new branches opened between 2022 and 2024 have each generated over $25 million in deposits within their first 12 months, exceeding initial projections.

The bank expects its Southeast expansion to contribute between $15 billion and $20 billion in deposit growth over the next seven years, supported by continued investment in new markets and the performance of recently launched branches. These strategic efforts are expected to reinforce Fifth Third Bancorp’s position as a leading retail bank in the Southeast and support long-term franchise growth.

FITB’s Price Performance & Zacks Rank

Over the past year, FITB’s shares have risen 6.4% compared with 19.9% growth for the industry.

At present, FITB carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Similar Efforts by Other Financial Firms

In June 2025, Synovus Financial SNV reinforced its presence in South Carolina by expanding its commercial and middle-market banking operations. The company is prioritizing relationship-driven banking, bringing in seasoned professionals to deepen client engagement and deliver personalized services.

As part of this initiative, SNV is boosting hiring efforts by 20%-30% from 2025 to 2027 across its middle-market, commercial, and wealth services divisions to accelerate loan, core deposit, and fee growth. By focusing on relationship-driven banking, the bank aims to enhance market penetration and solidify its presence in key Southeastern financial hubs.

Similarly, in May 2025, Huntington Bancshares Incorporated HBAN continued to extend its commercial banking business across the country by bringing its middle-market banking capabilities to Florida.

The Florida expansion is the latest growth strategy for HBAN, which has expanded its middle-market banking presence into North Carolina, South Carolina and Texas over the last couple of years.

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This article originally published on Zacks Investment Research (zacks.com).

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