Fifth Third Bank is committing $650 million to community development in the metro Detroit region over the next five years as part of a broader national initiative.

The local commitment, which will be in the form of mortgage lending, small business lending, community development lending and philanthropy, comes at a time when the Cincinnati-based bank is closing 44 branches across its operations. Fifth Third has closed 7 branches in Southeast Michigan since 2014 — 91 remain in operation.

The cuts would remove nearly 4 percent of the current 1,191-branch network.

Bank officials expect the move to save the company between $13 million and $14 million a year. By early 2017, Fifth Third's branch network will be 12 percent smaller than it was in 2015, Cincinnati.com reported in September.

The community development initiative and the closures are part of the bank's strategy to close branches where middle-class customers need fewer in-person services and to create new customers in low-income areas, said Greg Carmichael, Fifth Third's president and CEO.

"If you look at what we've done recently, we've only opened banking centers in low-income areas," Carmichael said in an interview with Crain's. "These are smart investments ... it's tough to bank in an area where no one wants to live ... building banks where communities are improving is paramount to our success."

Carmichael said the $650 million earmarked for Michigan will focus on lending, but also on improving services for the homeless, veterans and impoverished children. The allocation of those funds will be dictated by local leadership, he said.

Carmichael was also scheduled to meet with Detroit Mayor Mike Duggan for the first time and to discuss policies and initiatives that Fifth Third could help the administration, including blight removal.

"I'm really interested in getting a clear picture of his agenda," Carmichael said. "There are a lot of major projects, such as lighting, blight, etc., that we may be of service."