Add-on Acquisition • Financial Services

Fifth Third Bank Acquires Ashland Bankshares

On April 16, 1999, Fifth Third Bank acquired financial services company Ashland Bankshares for 85M USD

Acquisition Context
  • This is Fifth Third Bank’s 11th transaction in the Financial Services sector.
  • This is Fifth Third Bank’s 19th largest (disclosed) transaction.
  • This is Fifth Third Bank’s 11th transaction in the United States.
  • This is Fifth Third Bank’s 4th transaction in Kentucky.

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M&A Deal Summary

Date April 16, 1999
Target Ashland Bankshares
Sector Financial Services
Buyer(s) Fifth Third Bank
Deal Type Add-on Acquisition
Deal Value 85M USD

Target Company

Ashland Bankshares

Ashland, Kentucky, United States
Ashland Bankshares, Inc., provides banking services.
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Buyer Overview 1

Buyer

Fifth Third Bank

Cincinnati, Ohio, United States

Category Company
Founded 1858
Sector Financial Services
Employees18,616
Revenue 8.3B USD (2024)
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 Context for Buyer #
Overall 11 of 40
Sector: Financial Services 11 of 33
Type: Add-on Acquisition 11 of 34
State: Kentucky 4 of 5
Country: United States 11 of 40
Year: 1999 1 of 6
Size (of disclosed) 19 of 26
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
1998-06-26 CitFed Bancorp

Dayton, Ohio, United States

CitFed Bancorp, Inc., provides retail deposits, investing, mortgage loans and consumer loans services.

Buy $827M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
1999-05-14 Enterprise Federal Bancorp

West Chester, Ohio, United States

Enterprise Federal Bancorp, Inc., operates holding company for Enterprise Federal Savings Bank. Enterprise Federal provides various banking products.

Buy $121M