CINCINNATI -- Fifth Third Bancorp has completed its acquisition of $1.1 billion-asset Cumberland Federal Bancorp. of Louisville.
As a result of the $149 million stock transaction, Cumberland's offices in 12 Kentucky counties opened Monday as Fifth Third banking centers. Nine of the locations in Louisville and La Grange will be converted to full-service Fifth Third bank marts, open seven days a week in Kroger supermarkets.
The former Cumberland became Fifth Third Bank of Kentucky Inc., part of a newly formed holding company, Fifth Third Kentucky BHC. Former Cumberland chairman H. David Hale is chairman and chief executive officer of Fifth Third Bank of Kentucky, and James R. Gaunt, formerly senior vice president of Fifth Third Bank's retail division, was appointed president of the Kentucky banking unit.