Charlotte, January 24, 2026
Fifth Third Bank is set to build a new branch on a site that was formerly TGI Fridays in Steele Creek, Charlotte. This development reflects ongoing private investment and economic confidence in the area, contributing to local job creation and financial access in growing communities. The bank plans to expand its presence in Charlotte, signaling a robust market for banking services and strategic investments in the region.
Charlotte
Investment Revitalizes Charlotte: Bank Plans New Branch at Former Restaurant Site
A significant development is underway in Charlotte, as a financial institution moves forward with plans to establish a new branch at the site of a recently closed restaurant, signaling continued private investment and economic confidence in the Queen City.
Charlotte’s vibrant economic landscape is continuously reshaped by the dynamism of private enterprise and strategic investments. The planned construction of a new bank branch on a site previously occupied by a restaurant in Steele Creek serves as a tangible example of this ongoing evolution. This project reflects not only the proactive nature of North Carolina entrepreneurs and financial institutions but also Charlotte’s enduring appeal as a hub for commercial activity and economic growth. Such private sector initiatives are often pivotal in fostering local prosperity, creating jobs, and offering essential services to growing communities, demonstrating the robust health of the Charlotte NC business environment.
The transformation of existing commercial spaces highlights a cycle of renewal and adaptation within the market. While the closure of any business can prompt local reflection, the swift repurposing of prime real estate for new ventures underscores the resilience and forward-looking spirit characteristic of Charlotte’s development. This particular project exemplifies how private capital, channeled through business expansion, plays a crucial role in revitalizing neighborhoods and enhancing the infrastructure that supports Charlotte small business and individual residents alike.
Steele Creek Site Undergoing Transformation
In a notable development for the Steele Creek area, Fifth Third Bank has filed a construction plan to build a new branch at the site of a former TGI Fridays restaurant located at 12811 S. Tryon Street. The restaurant permanently closed on August 31, 2024, paving the way for the bank’s expansion.
The proposed project includes the demolition of the existing restaurant structure to make way for a 1,900-square-foot bank branch, featuring a two-lane remote drive-thru and approximately 12 parking spaces. This initiative is part of Fifth Third Bank’s broader strategy for rapid expansion across the Southeast region.
Fifth Third Bank’s Strategic Expansion in Charlotte
Fifth Third Bank’s plan for the Steele Creek location is integral to its aggressive growth strategy within the Charlotte market. The bank intends to open eight more branches in the Charlotte area through 2028. This expansion includes a commitment to increasing financial access in diverse communities. For instance, in January 2025, Fifth Third Bank celebrated the opening of a new full-service banking center in Charlotte’s Historic West End Neighborhood, which is the first of 15 banking centers planned for low- and moderate-income or high-minority population census tracts this year. The new Historic West End branch occupies 1,900 square feet and features a drive-thru and ATM.
Such investments by financial institutions not only provide convenient access to banking services but also represent a significant infusion of private capital into local economies. This private sector confidence reinforces Charlotte’s position as a desirable location for sustained economic activity and directly contributes to the city’s economic growth.
A Broader Trend of Banking Sector Confidence
Fifth Third Bank’s expansion is not an isolated event but rather part of a larger trend of financial institutions demonstrating strong confidence in the Charlotte NC business environment. Other major banks are also actively growing their presence in the city. City National Bank, for instance, has established a significant office in uptown Charlotte, creating approximately 120 jobs in risk management, audit, credit products, and commercial banking. JPMorgan Chase is adding more than 15 branches by the end of 2026 and hiring hundreds of people. U.S. Bank has been expanding its Charlotte-area branches, with plans to potentially double its branch presence in the market. Additionally, PNC Bank plans to add 25 branches in the Charlotte market over the next five years as part of a Nationwide $1.5 billion investment to add 200 branches across 12 cities.
This widespread investment by the banking sector underscores Charlotte’s status as a top-tier financial center in the United States and highlights the attractive climate for capital investment and job creation.
Charlotte’s Business-Friendly Environment and Small Business Resilience
Charlotte continues to be recognized for its business-friendly climate, which fosters economic growth and supports North Carolina entrepreneurs. The State-level corporate tax rate in North Carolina is among the lowest in the nation at 2.25% and is projected to fall to 0% by 2030, offering a competitive advantage for businesses. This favorable tax structure, combined with other incentives like property tax abatements and sales tax exemptions, helps companies reduce operational costs.
Small business owners in Charlotte exhibit high levels of optimism and success, with a significant majority rating their enterprises as successful and reporting growth over the past year. The city is home to over 80,000 small businesses, which collectively employ nearly half of Charlotte’s private workforce and contribute significantly to tax revenue. Initiatives such as the Charlotte Small Business Growth Fund, a public-private partnership aiming to provide $40 million in loans to over 2,000 underserved small businesses, further bolster the entrepreneurial ecosystem.
Community Impact and Economic Development
The continuous private investment in Charlotte, exemplified by new bank branches and other commercial developments, directly translates into broader community benefits. These projects create construction jobs and permanent positions within the new establishments, contributing to overall employment in the region. Increased access to financial services, particularly in developing areas, empowers residents and Charlotte small business owners with the resources needed for personal achievement and entrepreneurial endeavors.
Charlotte’s ongoing development efforts, including investments in infrastructure and a focus on quality growth, aim to create stronger communities and capitalize on opportunities that benefit all residents. This blend of private capital, a supportive regulatory environment, and a thriving entrepreneurial spirit positions Charlotte for sustained prosperity and continued leadership in the Southeast.
As Charlotte continues its impressive trajectory of economic growth, the proactive investment by financial institutions and the resilience of Charlotte small business owners are undeniable forces shaping its future. The transformation of a former restaurant site into a modern bank branch in Steele Creek is a micro-example of a macro trend: a city where private investment consistently fuels progress and opportunity. We encourage our readers to support local businesses and engage with these new developments, contributing to the collective success of our dynamic community and the ongoing spirit of North Carolina entrepreneurs.
Frequently Asked Questions
What bank is building a new branch in Steele Creek, Charlotte?
Fifth Third Bank is building a new branch in Steele Creek, Charlotte.
Where is the new Fifth Third Bank branch located?
The new Fifth Third Bank branch is located at 12811 S. Tryon Street in Steele Creek, at the site of a former TGI Fridays restaurant.
What was at the site before the bank branch construction?
The site was previously occupied by a TGI Fridays restaurant, which permanently closed on August 31, 2024.
What are the plans for the new Fifth Third Bank branch?
The project involves demolishing the former restaurant to build a 1,900-square-foot bank branch with a two-lane remote drive-thru and approximately 12 parking spaces.
Is Fifth Third Bank expanding elsewhere in Charlotte?
Yes, Fifth Third Bank plans to open eight more branches in the Charlotte market through 2028, including branches in low- and moderate-income or high-minority population census tracts.
Are other banks expanding in Charlotte?
Yes, other banks like City National Bank, JPMorgan Chase, U.S. Bank, Huntington Bank, and PNC Bank are also expanding their presence in Charlotte.
What is North Carolina’s corporate tax rate?
North Carolina’s corporate tax rate is 2.25% and is projected to fall to 0% by 2030 (State-level).
Key Features of Charlotte’s Economic Development
| Feature | Details | Scope |
|---|---|---|
| New Bank Branch | Fifth Third Bank to build 1,900-square-foot branch with drive-thru | Local |
| Location | 12811 S. Tryon Street, Steele Creek, former TGI Fridays site | Local |
| Fifth Third Bank Expansion | Plans for 8 additional branches in Charlotte through 2028, including in LMI/HMT areas | Regional |
| Broader Banking Growth | Multiple banks (e.g., City National, JPMorgan Chase, U.S. Bank, PNC Bank) expanding in Charlotte | Local/Regional |
| NC Corporate Tax Rate | 2.25%, projected to fall to 0% by 2030 | State-level |
| Small Businesses in Charlotte | Over 80,000 businesses, employing nearly half of the private workforce | Local |
| Small Business Support | Charlotte Small Business Growth Fund offering $40 million in loans to underserved businesses | Local |