WASHINGTON - Fifth Third Bancorp of Cincinnati on Monday received Federal Reserve Board approval to reorganize branches in connection with its March purchase of Old Kent Financial Corp.
Old Kent Financial, of Grand Rapids, Mich., was the holding company for Old Kent Bank NA, in Jonesville, Mich., and Old Kent Bank, also of Grand Rapids. Under the reorganization, Old Kent Bank NA will merge with Fifth Third Bank, of St. Joseph, Mich., and be headquartered in Indianapolis.
The Indiana subsidiary is to be named Fifth Third Bank and acquire some Old Kent Bank branches in the state. Old Kent Bank and its branches in Illinois, Indiana, and Michigan will become a Michigan subsidiary also bearing the name Fifth Third Bank.
Fifth Third Bancorp's consolidated assets of $70.8 billion make it the nation's 21st-largest commercial banking organization.