Fifth Third Bancorp said it had completed its acquisition of Emerald Financial Corp., the parent company of Strongsville Savings Bank.

The $670 million-asset thrift, which has $560 million of deposits and is based in Cleveland, will be merged into Fifth Third's northeastern Ohio bank, the company said.

In the tax-free exchange, 0.30 shares of Fifth Third Bancorp common stock were swapped for each share of Emerald Financial.

The acquisition makes Fifth Third Ohio's second-largest bank, with 77 branches in metropolitan Cleveland. Fifth Third has two other acquisitions pending: its $2.1 billion purchase of CNB Bancshares of Evansville, Ind., and a $228 million deal to buy Peoples Bank Corp. of Indianapolis.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.