WASHINGTON The Federal Reserve Board on Monday approved Fifth Third Bancorp of Cincinnatis acquisition of Old Kent Financial Corp. of Grand Rapids, Mich.
The deal, which includes Old Kents subsidiary banks throughout Michigan, will make Fifth Third the 21st-largest banking company in the United States, with consolidated assets of $66.9 billion. The approval requires Fifth Third to divest itself of assets in several markets, including six branches in Michigan with combined deposits of $203.6 million.
The Fed also approved an application by Fifth Third to become a financial holding company, a distinction created by the Gramm-Leach-Bliley Act to let banks, securities firms, and insurance companies be owned by a single holding company.
