Fifth Third to buy third nonbank this year
Fifth Third Bancorp in Cincinnati has agreed to buy Epic Insurance Solutions in Louisville, Ky., to expand its fee-based lines of businesses.
The price was not disclosed; the deal is expected to close this fall.
Epic would be the third nonbank acquisition this year by the $141 billion-asset Fifth Third. The bank in January agreed to purchase the advisory firm Retirement Corp. of America, and the following month it agreed to buy R.G. McGraw Insurance. Both companies were based in Cincinnati.
Epic provides a range of insurance coverage — including property, casualty and commercial — in Indiana and Kentucky. It also offers human resources consulting services to businesses.
“This acquisition enables Fifth Third to enhance our insurance capabilities and HR consulting services to support the diverse needs of our customers,” Mike Michael, head of wealth and asset management at Fifth Third, said in a press release Friday.
Epic is in the process of acquiring Integrity HR, a human resources outsourcing and training company. That transaction is also expected to be completed in the fall.