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Fifth Third announces 30 area layoffs

Published: Friday, March 15, 2019 @ 8:33 AM


Fifth Third Bank is planning employee layoffs in Wilmington, the bank wrote in a letter to the state.

The company said it intends to “terminate the employment of employees at a number of locations, including 2251 Rombach Ave.” in Wilmington.

The letter — dated Tuesday and sent to the Ohio Department of Job and Family Services — is required as a WARN (Worker Adjustment Retraining) Act notice.

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“As known to Fifth Third at this time, the separations will affect approximately 30 employees at that location,” the bank said, referring to Wilmington.

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The move is the result of Fifth Third’s acquisition of MB Financial, the company said.

Layoffs will start May 13 and continue through July 31, the bank said.

A Fifth Third spokesman, Larry Magnesen, said Friday that about 75 employees will be left at the Wilmington location, which is a mortgage servicing office, after the layoffs. 

About 60 employees will be retained in Wilmington, while another 15 will be offered positions in Madisonville, in the Cincinnati area, he said.

Fifth Third Bancorp agreed to buy MB Financial, Inc. last May in a transaction valued at about $4.7 billion. The Federal Reserve Board recently approved the merger, which is seen as greatly expanding Fifth Third’s presence in Chicago.

No further layoffs are planned in the Dayton or Cincinnati areas, Magnesen said. There will be layoffs in the Chicago and Ann Arbor Mich. areas, he added.