Ohio's Fifth Third, ABC of Georgia Announce Deals

Two banks kicked off the Memorial Day weekend with fill-in acquisitions.

Processing Content

Fifth Third Bancorp, Cincinnati, said Friday it would acquire the Ohio branches and deposits of Great Lakes National Bank Ohio for a deposit premium of $11 million. Great Lakes, a unit of TCF Financial Corp., Minneapolis, has $130 million of deposits and eight branches.

Fifth Third, which has $20.2 billion of assets, said the deal should be completed in September, provided regulators approve. Great Lakes branches would be combined with Fifth Third branches in a new unit, Fifth Third Bank Butler County.

Also on Friday, ABC Bancorp, a $630 million-asset bank in Moultrie, Ga., announced it intends to buy Irwin Bankcorp., a $38 million-asset bank in nearby Ocilla, Ga. The $8.3 million stock deal, which requires regulatory approval, is expected to close in the third quarter.


For reprint and licensing requests for this article, click here.
MORE FROM AMERICAN BANKER
Load More