- Jeff Richardson (Analysts) 513.534.0983
- Jim Eglseder (Analysts) 513.534.8424
- Debra DeCourcy, APR (Media) 513.534.4153
Fifth Third Receives Regulatory Approval On First Charter Deal
Fifth Third Bancorp (NASDAQ: FITB) today announced that it has received all regulatory approvals on its pending acquisition of First Charter Corporation (FCTR).
“We are happy that we have received approval on all applications we filed with bank regulatory agencies related to our purchase of First Charter,” said Kevin T. Kabat, president and CEO of Fifth Third Bancorp. “We’re looking forward to moving into the exciting North Carolina market.”
The deal calls for Fifth Third Bancorp to acquire 57 branches in North Carolina and two in suburban Atlanta. The combination provides Fifth Third Bank an entrance into the thriving North Carolina market and adds to its small presence in Georgia, which it acquired with the acquisition of R-G Crown Bank late last year.
"We are pleased that the merger with Fifth Third has received all regulatory approvals. We look forward to offering our customers even greater choices in products and services," said Bob James, president and CEO of First Charter Bank.The integration is expected to be finalized in the second quarter.
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. The Company has $111 billion in assets, operates 18 affiliates with 1,232 full-service Banking Centers, including 108 Bank Mart® locations open seven days a week inside select grocery stores and 2,211 ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Pennsylvania, Missouri and Georgia. Fifth Third operates five main businesses: Commercial Banking, Branch Banking, Consumer Lending, Investment Advisors and Fifth Third Processing Solutions. Fifth Third is among the largest money managers in the Midwest and, as of December 31, 2007, has $223 billion in assets under care, of which it managed $33 billion for individuals, corporations and not-for-profit organizations. Investor information and press releases can be viewed at www.53.com. Fifth Third’s common stock is traded on the NASDAQ® National Global Select Market under the symbol “FITB.”