Fifth Third to acquire First Charter Corp.

Bank News, October, 2007 by Anonymous

Fifth Third Bancorp, Cleveland, and First Charter Corp. have signed a definitive agreement under which Fifth Third will acquire Charlotte-based First Charter, which operates 57 branches in North Carolina and two in suburban Adanta. This combination provides Fifth Third Bank an entrance into the Charlotte metropolitan market, and adds to its small presence in Georgia, which it would acquire with its pending R-G Crown Bank transaction announced in May.

Terms of the agreement call for Fifth Third to pay $31 per First Charter share, or $1.09 billion. Consideration would be paid in the form of 70 percent Fifth Third common stock and 30 percent cash.

"This furthers our penetration into fast-growing Southeastern metropolitan markets at a reasonable price," said Kevin Kabat,...

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