First Charter, Fifth Third merger closing pushed back

By Lisa Kerner

Charlotte, N.C., Jan. 14 - First Charter Corp. amended its agreement and plan of merger with Fifth Third Bancorp.

Fifth Third has yet to receive final approval from the Federal Reserve Board and continues to respond to information requests from the board, according to a company news release.

The merger is now slated to close in the second quarter, rather than the first quarter as first anticipated.

First Charter shareholders are set to vote on the merger on Jan. 18.

In August, Fifth Third agreed to acquire First Charter in a cash and stock deal valued at $31 per share, or $1.09 billion. First Charter will merge with and into Fifth Third Financial Corp.

First Charter stockholders will receive 70% of their payment in Fifth Third common stock and 30% in cash.

Charlotte, N.C.-based First Charter is a regional financial services company and the holding company for First Charter Bank.

Fifth Third Bancorp is a diversified financial services company based in Cincinnati.

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