By Jeff McKinney
Enquirer staff writer
Fifth Third Bank has filed an application to buy the charter of First National Bank in Lamar, Mo., a move that would allow the Cincinnati-based banking giant to move into the state.
Terms were not disclosed. But the transaction calls for First National Bank to retain its branches and customer accounts under another charter the bank holds. But the sale of its charter allows Fifth Third to gain legal ability to open branches in Missouri.
Fifth Third now employs 26 people in St. Louis who work in investment, mortgage and commercial banking, but it does not have branches there.
If the Federal Reserve Bank of Cleveland approves its charter purchase in the next 90 days, Fifth Third said it will start opening branches in St. Louis by late next year.
Fifth Third President and CEO George Schaefer Jr. has said the bank would continue to expand in new markets such as St. Louis and Pittsburgh, where it plans to open a branch this year.
Fifth Third also said Wednesday that its data-processing division has signed a five-year contract with Holloway Group Inc., the Jackson, Ohio-based parent of Holloway Sportswear. Fifth Third Bank Processing Solutions will process credit card transactions for Holloway, adding 50,000 transactions a year to Fifth Third's overall volume. Terms were not disclosed.
Fifth Third stock closed Wednesday at $50.13, up 61 cents.
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E-mail jmckinney@enquirer.com
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