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Fifth Third Bancorp Expands in Indiana with Bank One Corporation Acquisition

Strategic Insights

— 1 min read

Fifth Third Bancorp, a diversified financial services company, announced the acquisition of three offices in Indianapolis from Bank One Corporation. The move is expected to strengthen the company's presence in the Indiana market and provide customers with added convenience. The acquisition marks a significant milestone for Fifth Third, with plans to complete the deal in the fourth quarter of 1999, pending regulatory approvals.

Key Takeaways:

  • The acquisition includes three offices in Indianapolis: 8549 N. College Avenue, 2101 Stanley Road, and a Bank Mart(R) location inside a Kroger grocery store at 86th and Township Line Road.
  • The purchase will provide convenience to customers in the Indianapolis area, with the company expecting to complete two more deals in Indiana, including CNB Bancshares and Peoples Bank Corporation.
  • Fifth Third will vault to the #3 bank in Indiana following the acquisition, solidifying its commitment to the market.
  • The company operates 12 affiliate banks with 498 full-service Banking Centers, including 106 Bank Mart(R) locations open seven days a week inside select grocery stores.
  • Fifth Third has assets of $33 billion, is Y2K ready, and expects to process over four billion electronic transactions in 1999.
  • The Bank's financial strength is recognized by rating agencies, with deposit ratings of AA- and Aa2 and commercial paper ratings of A1+ and P1 from Standard & Poor's and Moody's, respectively.

Statistics:

  • $33 billion: Fifth Third Bancorp's assets
  • 12: number of affiliate banks operated by Fifth Third
  • 498: number of full-service Banking Centers operated by Fifth Third
  • 106: number of Bank Mart(R) locations open seven days a week inside select grocery stores
  • 1,179: number of Jeanie ATMs in Ohio, Kentucky, Indiana, Florida, Arizona, and Michigan
  • Over 4 billion: number of electronic transactions expected to be processed by Fifth Third in 1999
  • AA- and Aa2: deposit ratings from Standard & Poor's and Moody's, respectively
  • A1+ and P1: commercial paper ratings from Standard & Poor's and Moody's, respectively

Sources:

  • PRNewswire - October 20, 1999
  • Fifth Third Bancorp - press releases available at www.53.com or by fax at 800-758-5804, identification number 281775.

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