CINCINNATI--(BUSINESS WIRE)--Feb. 27, 2017--
Fifth Third Insurance Agency Inc., an indirect, wholly owned subsidiary
of Fifth Third Bancorp (Nasdaq: FITB), announced today that it has
reached an agreement to acquire R.G. McGraw Insurance Agency Inc. The
transaction is expected to close in early March.
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Fifth Third Insurance Agency Inc., an indirect, wholly owned subsidiary of Fifth Third Bancorp, announced today that it has reached an agreement to acquire R.G. McGraw Insurance Agency Inc.Michael McGraw (left); Howard McClure (right) (Photo: Business Wire)
"This acquisition represents a compelling opportunity to further build
Fifth Third’s insurance capability and deliver best-in-class risk
management solutions for our customers,” said Howard McClure, president
of Insurance Services, Fifth Third Bancorp. "A leader in personal and
commercial insurance solutions for over six decades, R.G. McGraw
Insurance Agency and its talented team of risk management specialists
will build on an already successful insurance practice at Fifth Third."
joined Fifth Third in January 2016 to evaluate and launch strategic
initiatives to grow Fifth Third’s insurance business organically and via
acquisition. Fifth Third is making substantial investments to enhance
its products and services to help clients with their most pressing and
important financial challenges. This focus supports the NorthStar
strategy, a three-year plan designed to deliver strong, consistent
returns through longer term economic cycles.
“We are excited to join Fifth Third and continue to deliver quality
service and coverage solutions to enhance risk management and asset
protection for clients of our firm and Fifth Third,” said Michael
McGraw, president and CEO, R.G. McGraw Insurance Agency. “I began my
career at Fifth Third nearly 40 years ago and am pleased to come full
circle with this opportunity to rejoin the Fifth Third family.”
R.G. McGraw Insurance Agency Inc. was founded in 1955 and serves a broad
mix of public and private companies, nonprofit institutions and
high-net-worth individuals. Its key service areas include property and
casualty insurance, and risk management analysis for both personal lines
and commercial lines across a range of industries.
About Fifth Third
Fifth Third Bancorp is a diversified
financial services company headquartered in Cincinnati, Ohio. As of Dec.
31, 2016, the Company had $142 billion in assets and operated 1,191
full-service Banking Centers, including 94 Bank Mart® locations, most
open seven days a week, inside select grocery stores and 2,495 ATMs in
Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West
Virginia, Georgia and North Carolina. Fifth Third operates four main
businesses: Commercial Banking, Branch Banking, Consumer Lending, and
Wealth & Asset Management. As of Dec. 31, 2016, Fifth Third also had a
17.9 percent interest in Vantiv Holding, LLC. Fifth Third is among the
largest money managers in the Midwest and, as of Dec. 31, 2016, had $315
billion in assets under care, of which it managed $31 billion for
individuals, corporations and not-for-profit organizations. Investor
information and press
releases can be viewed at www.53.com.
Fifth Third’s common stock is traded on the NASDAQ® Global Select Market
under the symbol “FITB.” Fifth Third Bank was established in 1858.
Member FDIC, Equal Housing Lender
Fifth Third Bancorp provides access to investments and investment
services through various subsidiaries. Investments and Investment
Are Not FDIC Insured
Offer No Bank Guarantee
May Lose Value
Are Not Insured by Any Federal Government Agency
Are Not A Deposit
Copyright © 2017. Fifth Third Bank, Member FDIC, Equal Housing Lender,
All Rights Reserved.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170227005814/en/
Source: Fifth Third Bancorp
Fifth Third Bancorp
Sean Parker, 513-534-6791