Pinnacle Advances Merger with Fifth Third

MIDDLETOWN, Ohio - Pinnacle Bancorp said it has completed a definitive agreement to merge into Cincinnati-based Fifth Third Bancorp, pending approval by shareholders and regulators.

The banking companies said the deal, announced in May, provides for a base price of $12.50 per Pinnacle share, payable in Fifth Third common stock, to be adjusted for certain transaction expenses.

Fifth Third owns 11 banks and has $8.5 billion in assets and 222 offices in Ohio, Kentucky, and Indiana. Pinnacle is the parent of MidFed Savings Bank.

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