Fifth Third gains foothold in new market with acquisition of First Charter

By Lisa Kerner

Charlotte, N.C., June 6 - Fifth Third Bancorp is making its move into the "growing Southeastern metropolitan market" with the completed acquisition of First Charter Corp.

The acquisition adds approximately $4.8 billion in assets and $3.2 billion in deposits, as well as 57 branches in North Carolina and two in suburban Atlanta, to Fifth Third's existing franchise, a company news release said.

Fifth Third Bancorp said it will pay $31 per First Charter share, or approximately $1.1 billion, under the companies' merger agreement.

Shareholders could elect to receive cash or 1.7412 shares of Fifth Third with the total merger consideration to be paid 30% in cash and 70% in shares, the release stated.

Bob James, president and chief executive officer of First Charter, became president of Fifth Third Bank, NA (North Carolina), the company's newest affiliate, said Kevin Kabat, president and CEO of Fifth Third Bancorp.

First Charter shareholders approved the merger in January.

Charlotte, N.C.-based First Charter is a regional financial services company that operates 57 branches in North Carolina and two in suburban Atlanta.

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

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