Fifth Third Bancorp in Cincinnati is buying an insurance agency in its hometown.

The $142 billion-asset Fifth Third said in a press release Monday that it had agreed to buy R.G. McGraw Insurance Agency, a firm that specializes in property and casualty insurance for companies and affluent individuals. The agency also provides risk management analysis.

Greg Carmichael, CEO of Fifth Third Bancorp
Greg Carmichael, Fifth Third's CEO, has agreed to buy two nonbanks in recent months.

The deal is expected to close next month. Financial terms were not disclosed.

It is the second nonbank M&A transaction for Fifth Third in two months. In January it announced an agreement to buy Retirement Corporation of America, an investment advisory firm based in Cincinnati. That deal is expected to close in April.

Fifth Third is currently barred from buying banks because its Community Reinvestment Act rating was downgraded in July.

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