Fifth Third Bank Sells Retail Operations in St. Louis; Keeps Wholesale and Institutional Services in Market, no terms

Fifth Third Bank has entered into an agreement to sell its retail operation, including its retail accounts, certain private banking deposits and related loan relationships in the St. Louis MSA to Great Southern Bank. The purpose of this transaction is in line with Fifth Third's broader branch consolidation plans announced in June. The transaction is expected to close in early 2016, subject to regulatory review and approval. Fifth Third remains committed to its commercial coverage in St. Louis, as well as its institutional services in the market after the completion of the sale. Fifth Third operates commercial banking activities in a number of markets where it does not have a retail branch network. Deutsche Bank Securities acted as exclusive financial advisor and Debevoise & Plimpton LLP served as legal counsel to Fifth Third Bank. Sandler O'Neill acted as exclusive financial advisor and Silver, Freedman, Taff and Tiernan LLP served as legal counsel to Great Southern.
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