Running out of memory when using many if statements

I was think more of each letter being declared like this

char letter_a[] =
{
  0b00000000,
  0b00111100,
  0b01000010,
  0b01000010,
  0b01000010,
  0b01111110,
  0b01000010,
  0b01000010
}

8 bytes per letter instead of 64 bytes per letter.

Combine this with using the ASCII value of the letter as an index to a 2 dimensional array of letters defined as above and the code would be vastly reduced in size.