CINCINNATI - Fifth Third Bancorp, which is working to strengthen its roots in the Midwest, has agreed to sell its 11 Arizona branches to Marshall & Ilsley Corp. of Milwaukee for an undisclosed sum.
The deal, announced Thursday, is expected to close in the third quarter, pending regulatory approvals.
Last month $70 billion-asset Fifth Third completed its biggest acquisition to date, the $1.2 billion purchase of Old Kent Financial Corp. of Grand Rapids, Mich.
"We have chosen to focus our attention on our existing midwestern footprint in the wake of the Old Kent transaction," said George Schaefer Jr., president and chief executive officer of Fifth Third.
The branch sale includes $300 million of assets and $450 million of deposits. Marshall & Ilsley already has 14 offices in Arizona, with $1 billion of assets and $850 million of deposits.