CINCINNATI - Fifth Third Bancorp announced late Thursday afternoon that it has agreed to buy Ottawa Financial Corp. of Holland, Mich., and its subsidiary, Ameribank, for more than $160 million of stock.
Ottawa Financial has $1.1 billion of assets and 27 offices in Holland, Muskegon, and Grand Rapids. Ottawa stockholders would get 0.54 share of Fifth Third common stock for each of their shares. The transaction value is based on Fifth Third's closing price Wednesday of $44.375. The deal is expected to close in the fourth quarter.
Ameribank would be merged with Fifth Third's northern Indiana headquarters in Valparaiso. The combined units would have $2.7 billion of assets and would operate 66 offices and 72 automated teller machines in western Michigan and northern Indiana.