Fifth Third is leaving Arizona to focus on its core, which is the Midwest, say bank officials.
M & I Thunderbird and Fifth Third will now have some locations that overlap, which could result in some branch closures.
As part of the transaction, M & I is buying $300 million in Fifth Third loans and $450 million in deposits.
With the purchase, M & I with have 25 branches, $1.3 billion in deposits and $1.4 billion in assets, making it solidly the sixth largest bank in the state. The deal also diversifies M & I geographically in the state, with new branches in Prescott, Sedona and Green Valley--all northern Arizona towns. The deal will also give M & I a more significant presence in the state's mortgage landing arena.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
