CINCINNATI Fifth Third Bancorp and Old Kent Financial Corp. announced Friday that they have found buyers for six branches they were ordered to divest as a condition of their pending merger.
Chemical Bank Shoreline, a subsidiary of the $2 billion-asset Chemical Financial Corp., has agreed to buy Old Kent branches in the Michigan cities of Holland and Zeeland and a Fifth Third branch in Grand Haven, Mich. Chemical Bank Shoreline has $1.07 billion of assets and is based in Benton Harbor, Mich.
Another Chemical subsidiary, $95.5 million-asset Chemical West, in Cadillac, Mich., plans to acquire the Fifth Third branch in Fremont, Mich. The four branches have combined deposits of $150 million.
Meanwhile, South Bend, Ind.-based 1st Source Bank, with $3.1 billion of assets, has a deal to buy two Old Kent offices in St. Joseph, Mich., with combined deposits of $65 million.
Sale prices were not disclosed. The deals are expected to be completed by Sept. 30. The merger between $46 billion-asset Fifth-Third and $24 billion-asset Old Kent is expected to close in the second quarter.