CINCINNATI -- Fifth Third Bancorp has cleared all but a shareholders' vote in a $4.9 billion acquisition of Old Kent Financial Corp. that would expand its presence in the Chicago and Detroit markets.
Old Kent shareholders voted March 13 to approve the merger. According to Old Kent officials, 94.5 percent voted in favor. Approval by Fifth Third's shareholders at their annual meeting March 20 would allow the deal to be completed next month.
The acquisition would give Cincinnati-based Fifth Third 1,000 banking offices -- up from its current 700 -- and access to Chicago and Detroit through offices that Old Kent now operates. Fifth Third has $46 billion in assets and Old Kent $23.8 billion.
Fifth Third, which has a network of 1,390 ATMs in seven states, will also gain about 600 Old Kent ATMs in the deal.
The Federal Reserve Board approved the deal on March 12.
