CLEVELAND - National City Corp. confirmed Monday that it had agreed to sell the deposits of six branches in Cincinnati to Fifth Third Bancorp.
Terms were not disclosed.
The branches, with deposits of $125 million, were acquired in 1989 when National City bought GEM Savings, Dayton, Ohio.
"A minor retail presence in Cincinnati would not meet our profit objectives," said Edward B. Brandon, chairman and chief executive officer of National City. He said the Cleveland-based company "will continue to serve the Cincinnati market through National City's profitable loan production office."