Fifth Third Acquires Savings Bank in Florida

CINCINNATI -- Fifth Third Bancorp said it has acquired Sovereign Savings Bank in Palm Harbor, Fla.

The Cincinnati-based bank holding company said it would use the acquisition, which brings $25 million in deposits, as a vehicle to offer full-service banking on Florida's Gulf Coast under the name Fifth Third Savings Bank.

Fifth Third Bancorp, which has $8.5 billion in assets, entered Florida in 1990 by establishing Fifth Third Trust Co., a full-service trust operation in Naples.

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