Fifth Third Bancorp Acquires NBD Bank Operations in Ohio

Strategic Insights -

Fifth Third Bancorp has signed a definitive agreement to acquire NBD Bank's Ohio operations, expanding its presence in the region. The acquisition includes 25 offices in Columbus and Dayton, with deposits totaling $542 million. Upon completion, Fifth Third will operate a combined 38 full-service Banking Centers in Columbus, including 13 seven-day-a-week Bank Mart locations, and 29 full-service Banking Centers in the Dayton area. The acquisition is subject to regulatory approval and is expected to be completed in the first quarter of 1996.

Key Takeaways:

  • Fifth Third Bancorp will acquire NBD Bank's Ohio operations, expanding its presence in the region.
  • The acquisition includes 25 offices in Columbus and Dayton, with deposits totaling $542 million.
  • NBD's 17 Columbus offices, with $357 million in deposits, will be merged with Fifth Third Bank of Columbus' 38 full-service Banking Center network.
  • NBD's eight Dayton offices, with $185 million in deposits, will be merged with Fifth Third Bank of Cincinnati's Dayton region.
  • Fifth Third Bank of Columbus will grow to $1.4 billion in assets and $1.1 billion in deposits as a result of the acquisition.
  • Fifth Third's Dayton operation will rank as the third largest bank in the Dayton area, with $1 billion in assets and $945 million in deposits.
  • Fifth Third has grown its Miami Valley presence significantly since entering the Dayton market in 1986, adding 12 offices and $256 million in deposits of PNC Bank, Dayton Division.

Statistics:

  • $542 million: Total deposits of NBD Bank's Ohio operations.
  • 25: Number of offices in Columbus and Dayton acquired by Fifth Third Bancorp.
  • $357 million: Deposits in NBD's Columbus offices.
  • $185 million: Deposits in NBD's Dayton offices.
  • 38: Number of full-service Banking Centers in Columbus.
  • 29: Number of full-service Banking Centers in the Dayton area.
  • $1.4 billion: Assets of Fifth Third Bank of Columbus after the acquisition.
  • $1.1 billion: Deposits of Fifth Third Bank of Columbus after the acquisition.
  • $1 billion: Assets of Fifth Third's Dayton operation after the acquisition.
  • $945 million: Deposits of Fifth Third's Dayton operation after the acquisition.

Sources:

  • Fifth Third Bancorp

(Roberta R. Jennings of Fifth Third Bancorp, 513-579-4153)

  • NBD Bank (Ohio)

(NBD Bancorp, Inc., (NYSE: NBD))