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OAK LAWN, IL -Fifth Third Bank, which is headquartered in Ohio but has ambitious expansion plans for metro Chicago, has announced plans to develop a sizable “lockbox” facility in this suburb southwest of Chicago. A lockbox facility processes consumer-to-business and business-to-business payments, typically for such industries as utilities, retail credit operations, financial services firms, cable, satellite and publishing companies.

The new facility, which will complement similar lockbox operations in the bank’s hometown of Cincinnati, will allow Fifth Third to further expand its treasury management business by offering its clientele greater processing volume capabilities. The bank will convert an existing company location into the 25,000-sf facility, which ought to be able to handle about 7.5 million payments per month when it opens next year.

Fifth Third Bank is the 14th-largest bank holding company in the United States, with assets of $78 billion. Its Chicago-area operations have $8 billion in assets and 118 locations in northern Illinois and northwest Indiana.

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