8-KOther Events

FIFTH THIRD BANCORP 8-K Report, Corporate Update (Jan 14, 2008)

Filed January 14, 2008For Securities:FITBFITBOFITBPFITB-PIFITB-PMFITB-PAFITBIFITB-PK

Summary

This 8-K filing from Fifth Third Bancorp (FITB) on January 14, 2008, primarily provides an update on the status of its previously announced merger with First Charter Corporation. The key takeaway for investors is the revised expected closing timeline. While initially anticipated for the first quarter of 2008, Fifth Third now expects the transaction to close in the second quarter of 2008 due to delays in obtaining Federal Reserve Board approval. The company has received approval from the North Carolina Commissioner of Banks but is still awaiting clearance from the Federal Reserve Board. Fifth Third has been responding to information requests and public comments and is currently addressing further inquiries from the Federal Reserve. Despite the revised timeline, Fifth Third remains committed to the merger, with the First Charter shareholder meeting scheduled for January 18, 2008, to vote on the deal.

Key Highlights

  • 1Fifth Third Bancorp (FITB) has updated the expected closing date for its merger with First Charter Corporation.
  • 2The merger is now anticipated to close in the second quarter of 2008, a delay from the original first quarter 2008 expectation.
  • 3The delay is primarily due to the pending approval from the Federal Reserve Board.
  • 4Fifth Third has received approval from the North Carolina Commissioner of Banks.
  • 5The company is actively responding to information requests and inquiries from the Federal Reserve regarding the merger application.
  • 6A First Charter shareholder meeting to vote on the merger is scheduled for January 18, 2008.
  • 7The filing includes standard forward-looking statements and information on where investors can find additional details about the merger.

Frequently Asked Questions

The closing date has been delayed because Fifth Third Bancorp is still awaiting approval from the Federal Reserve Board. While other regulatory approvals are in place, the Federal Reserve's decision is the current gating item.

Fifth Third Bancorp now expects the merger with First Charter Corporation to close in the second quarter of 2008. Previously, the expectation was for a first quarter 2008 closing.

No, Fifth Third Bancorp has received approval from the North Carolina Commissioner of Banks but is still awaiting approval from the Federal Reserve Board. They are actively working with the Federal Reserve to address their inquiries.

Investors can find more detailed information about the merger by consulting the Form S-4 Registration Statement filed by Fifth Third Bancorp and the Proxy Statement filed by First Charter Corporation with the SEC. These documents, along with other filings, are available on the SEC's website (www.sec.gov) and the respective companies' websites.