Fifth Third Bancorp said it has agreed to buy South Florida Bank Holding Corp. of Fort Myers for $26 million.

The deal, announced Friday, is expected to close in the second quarter of 1999.

The company's main unit, $87 million-asset South Florida Bank, would be merged with Fifth Third Bank Florida, a $221 million-asset bank based in Naples.

The deal would double Fifth Third's Florida's branches to eight.

The acquisition would be structured as a tax-free exchange of 0.348 shares of Fifth Third Bancorp common stock for each share of South Florida Bank Holding Corp.'s.

Fifth Third Bancorp has $28.3 billion of assets. It operates in Ohio, Kentucky, Indiana, Florida, and Arizona.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.