Fifth Third Bancorp on Friday completed its purchase of Franklin Financial Corp. in Franklin, Tenn.
Franklin's nine branches will be combined with Fifth Third Bank Tennessee. Fifth Third now has 11 branches in the Nashville area, with plans to open six other branches by mid-2005.
Fifth Third did a tax-free exchange of 0.5933 shares of its common stock for each share of Franklin. Fifth Third's June 10 closing stock price of $55.52 would put the value of the acquisition at about $317 million.
Bank of America must overhaul anti-money laundering protocols and hire third-party consultants, but will not face growth limits, following OCC action for compliance deficiencies.
Releasing the GSEs from government conservatorship is on the agenda for the incoming Trump administration. Doing so could threaten the 30-year fixed rate mortgage.
The Consumer Financial Protection Bureau sued Walmart and payment app Branch Messenger, accusing them of illegally opening 1 million deposit accounts and charging $10 million in fees.
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Hanscom Federal Credit Union in Massachusetts said it would acquire Peoples Bancorp and its insurance agency. It marked the 21st deal of the year involving a credit union buying a bank.
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