Deposits And Widthdrawals

June 19, 2002
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GRAND RAPIDS — Fifth Third Bank completed integration of Old Kent Financial Corp. with the conversion of its West Michigan regional headquarters in Grand Rapids Sept. 24.

It was the last in a series of four Old Kent market conversions in eastern, northern and western Michigan, Fort Wayne, Ind., and Chicago.

The Grand Rapids headquarters oversees operations here as well as in Lansing, Kalamazoo, St. Joseph, Benton Harbor, Holland, Grand Haven and Muskegon.

Since last November when the Old Kent acquisition was announced, Fifth Third estimates some 6,000 of its employees have spent upwards of 2 million hours converting 327 full-service banking centers, 1.2 million accounts and 700,000 loans in Michigan, Indiana and Illinois.

Cincinnati-based Fifth Third Bancorp, the holding company for Fifth Third Bank, has $70 billion in assets, 16 affiliates with 950 full-service banking centers and close to 2,000 ATMs in Michigan, Illinois, Ohio, Indiana, Kentucky, Arizona and Florida.

Now one of those 16 affiliates, Fifth Third Bank, Western Michigan, has $7.8 billion in assets, $6.7 billion in deposits and 152 banking centers in 18 counties serving nearly 500,000 customers.

According to Fifth Third, since the deal was announced, the locally headquartered affiliate has opened twice as many accounts as last year, with 20,868 new consumer checking accounts, more than 6,600 new loans and 1,450 new business checking accounts.

The West Michigan affiliate is headed by President and CEO Kevin Kabat, who had served Old Kent in a variety of management positions since 1981, most recently as vice chairman of Old Kent Financial Corp. and president of Old Kent Bank.

David Wagner, former chairman, president and CEO of Old Kent Financial Corp. and former chairman of Old Kent Bank, now serves as chairman of Fifth Third Bank, Michigan and is seated on Fifth Third Bancorp’s board of directors.

As it did this year, Fifth Third intends to sponsor the annual Riverbank Run in 2002. Old Kent had sponsored the nationally renowned 25K event since it was started in 1977.

According to Fifth Third, the company also will maintain Old Kent’s partnership with the Grand Rapids-based West Michigan Whitecaps baseball team. 

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