CINCINNATI--(BUSINESS WIRE)--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.
"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."
McClure 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
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