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.
The Federal Reserve released additional information about its periodic review of its monetary policy strategy, tools and communications framework; TD Bank Group announced Michelle Myers will succeed Anita O'Dell as global chief auditor; Provident Financial Services will expand its commercial lending team; and more in this week's banking news roundup.
The Dallas bank is replacing longtime CEO Scott Kavanaugh, who stepped down Thursday, with veteran banking executive Thomas Shafer. Shafer previously led Chemical Bank, which was acquired by TCF Financial in 2019.
The Federal Reserve released the volume of activity on its instant payments network since its launch last summer, showing a surge in usage between July and August.
The niche buy now/pay later firm is looking for differentiation in a crowded market with recognizable brands like Klarna, Affirm and Afterpay.
The 2.0 version, expected to launch next year, will provide more detailed responses based on more complex, humanlike thought processes.
The breach, which occurred earlier in November, did not directly impact customer operations, but a threat actor stole data meant for customers.
