Fifth Third Bancorp on Monday agreed to acquire Falls Financial Inc., a $581 million-asset Ohio thrift holding company, in a stock swap valued at $76.6 million.

The price equals roughly 150% of the thrift company's book value, or nearly 14 times earnings for the 12 months ended Sept. 30. Falls Financial is the parent of Falls Savings Bank, which operates 14 branches. George A. Schaefer Jr., Fifth Third's president and CEO, said the deal would "contribute positively to per-share earnings and growth."

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