“On the Southeast side, we’re expanding our presence into some of the fastest-growing markets in the U.S. We’ll be in 17 of the top 20 fastest-growing large metros in the country, and specifically in regard to new retail banking markets, Texas and California,” he added.
“In Texas, it’s going to allow us to achieve a pretty rapid density quickly. They’ve got, I think, 101 branches there today, and as part of the announcement, we said we would be investing in and building 150 new de novos over the next four or five years. And so we’ll be up to 250-ish branches by 2030.”
Speaking at HousingWire’s Mortgage Banking Summit on Tuesday, Sias said mortgages remain central to the bank’s strategy. “Mortgage isn’t just a product; it’s the ultimate relationship builder,” he said.
According to the bank, households with mortgages are significantly more likely to remain long-term customers than those that only have checking accounts, with retention rates improving in recent years. Fifth Third said mortgages have also helped drive new deposits through its relationship pricing program and expansion in Southern markets.
Under Jay Plum, who became head of consumer lending in 2023, Fifth Third has expanded its leadership team and launched programs aimed at first-time homebuyers and affordable lending. The bank reported a 16% increase in mortgage volume from 2023 to 2024, along with a 39% rise in retail and direct lending.
Fifth Third also said home equity lending volume rose 60% year over year in 2025. The bank highlighted its Neighborhood Program, which has invested $255 million across 10 neighborhoods to support housing and economic development.
Opportunities in Southern states, home equity lending
Sias said the bank’s growth is being driven by a focus on “advice-led lending” and an expansion of local sales teams to better serve homebuyers.
“We see tremendous opportunity in Florida,” Sias said, noting the bank operates about 180 branches in the state but remains “significantly undersized” in mortgage lending. Fifth Third plans to double its sales force there and selectively hire experienced mortgage loan officers, he noted.
Beyond Florida, Sias cited opportunities in the Carolinas, Tennessee and Georgia, which are other areas where the bank’s footprint and sales teams remain smaller relative to its market potential. “We’re undersized in all those markets relative to where we could be today,” he said.
Sias said Fifth Third’s strategy centers on supporting its existing branch network, raising awareness that the bank is “in the mortgage business,” and continuing to grow its sales force without overpaying for talent. “We want to bring on the right people who buy into our vision and our ‘family, not a file’ philosophy,” he said.
The upcoming acquisition of Comerica will open additional growth opportunities in Texas and California, Sias said. Fifth Third aims to hire 30 to 50 loan officers in Texas over the next two years.
Population growth and migration patterns are also influencing strategy. “We’ve done a lot of research around high-growth markets,” Sias said. “We have to follow the population, and all those markets are growing faster than the national average.”
To serve a broader customer base, Sias said Fifth Third offers more than 40 mortgage products. These include programs for first-time homebuyers, construction and renovation loans, affordable housing options and multiple down payment assistance programs. The bank also participates in state bond programs across its 11-state footprint.
Sias said Fifth Third has seen increased demand for home equity and rehabilitation loans as homeowners with low fixed-rate mortgages choose to renovate instead of move. “Our home equity business has grown materially over the past 12 to 18 months,” he said.
