Fifth Third Bancorp on Friday completed its purchase of Franklin Financial Corp. in Franklin, Tenn.
Franklin's nine branches will be combined with Fifth Third Bank Tennessee. Fifth Third now has 11 branches in the Nashville area, with plans to open six other branches by mid-2005.
Fifth Third did a tax-free exchange of 0.5933 shares of its common stock for each share of Franklin. Fifth Third's June 10 closing stock price of $55.52 would put the value of the acquisition at about $317 million.
The Philadelphia-based bank's parent company, Republic First Bancshares, had been roiled by a yearslong proxy battle involving activist investors groups and its former CEO.
The Wyoming-based digital asset bank filed paperwork to challenge last month's district court ruling, which affirmed the Federal Reserve's view about its discretion over master account applications.
The former head of the Consumer Financial Protection Bureau resigned Friday after the troubled rollout of the Free Application for Federal Student Aid led some House Republicans to call for his resignation.
The San Antonio-based bank said that loan growth, fueled in part by its expansion in key Texas markets, may compensate for pressure on deposits. It slashed the number of rate cuts it expects this year from five to two.
Mississippi's Renasant names its next CEO; environmental fintech Aspiration Partners spins out its consumer brand; the OCC adds five weeks to comment period for Capital One-Discover merger; and more in the weekly banking news roundup.
The Wisconsin banking company forecasted loan growth of 4% to 6% for the full year, driven by an expansion into new commercial and consumer credit lines as well as enduring economic strength in the Midwest.
