M&A Deal Summary

Fifth Third Bank Acquires Old Kent Financial

On April 2, 2001, Fifth Third Bank acquired financial services company Old Kent Financial for 5.5B USD

Acquisition Highlights
  • This is Fifth Third Bank’s 20th transaction in the Financial Services sector.
  • This is Fifth Third Bank’s largest (disclosed) transaction.
  • This is Fifth Third Bank’s 20th transaction in the United States.
  • This is Fifth Third Bank’s 2nd transaction in Michigan.

M&A Deal Summary

Date 2001-04-02
Target Old Kent Financial
Sector Financial Services
Buyer(s) Fifth Third Bank
Deal Type Add-on Acquisition
Deal Value 5.5B USD
Advisor(s) BofA Securities (Financial)
Wachtell, Lipton, Rosen & Katz (Legal)

Target

Old Kent Financial

Grand Rapids, Michigan, United States
website
Old Kent Financial Corp., provides various commercial, retail banking, trust and other financial services.

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Buyer(S) 1

Buyer

Fifth Third Bank

Cincinnati, Ohio, United States

website


Category Company
Founded 1858
Sector Financial Services
Employees19,319
Revenue 8.2B USD (2022)
DESCRIPTION
Fifth Third Bank branch in Chicago, Illinois.
Fifth Third Bank branch in Chicago, Illinois.

Fifth Third Bank is a regional US-based bank. Fifth Third provides a variety of financial services including commercial lending, consumer lending, and investment advisory. Fifth Third Bank was incorporated in 1858 and is based in Cincinnati, Ohio.


DEAL STATS #
Overall 20 of 37
Sector (Financial Services) 20 of 31
Type (Add-on Acquisition) 20 of 32
State (Michigan) 2 of 3
Country (United States) 20 of 37
Year (2001) 3 of 4
Size (of disclosed) 1 of 25
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2001-03-09 Capital Holdings

Sylvania, Ohio, United States

Capital Holdings, Inc., provides financial services.

Buy $260M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2001-06-29 USB

Milwaukee, Wisconsin, United States

USB, Inc., a financial services company.

Buy $217M