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Ohio banks consolidate
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January 14, 1998: 9:22 a.m. ET
Fifth Third buys CitFed Bancorp of Dayton for $688.2 million in stock
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NEW YORK (CNNfn) - Fifth Third Bancorp agreed to acquire CitFed Bancorp Inc. of Ohio for $688.2 million in stock, the Cincinnati-based bank said Wednesday.
CitFed's principal subsidiary, Citizens Federal Bank F.S.B., is headquartered in Dayton and has assets of $3.3 billion, deposits of $1.8 billion, 36 offices and 43 automated teller machines.
The newly acquired bank will be merged with Fifth Third Bank of Western Ohio, one of 11 affiliates of Fifth Third Bancorp. The deal will move Fifth Third from fourth to first place in the Dayton market, with a 25.3 percent market share.
Terms call for each share of Citizens Federal to be exchanged on a tax-free basis for 0.67 share of Fifth Third common.
Pending regulatory approval, the acquisition is expected to be completed in the second quarter.
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Fifth Third
CitFed
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