Fifth Third Bancorp has signed an agreement to acquire Ashland (Ky.) Bankshares in a stock swap valued at $69.4 million.

Ashland Bankshares, the parent company of Bank of Ashland, has $165 million of assets. The deal is based on a tax-free exchange of Fifth Third Bancorp common stock for all shares of Ashland Bankshares

The acquisition is expected to be completed in the first quarter. Ashland Bankshares would be merged with Fifth Third Bank of Southern Ohio and renamed Fifth Third Bank Ohio Valley.

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