Cincinnati UFO Case, Wells Fargo seen as potential suitor for Ohio's Fifth Third Bank
San Francisco Business Times by Mark Calvey Wells Fargo & Co. may be a potential buyer of Cincinnati-based Fifth Third Bancorp, analysts say.
Wells (NYSE: WFC) of San Francisco could be interested in expanding its Midwest presence with the purchase of Fifth Third, (NYSE: FITB) Richard Bove, an analyst with Punk, Ziegel & Co. told the San Francisco Business Times.
Other reports see U.S. Bancorp (NYSE: USB) and Wachovia (NYSE: WB) as potential suitors for the Cincinnati bank. Some have cited Bank of America Corp. (NYSE: BAC) as a possible acquirer, but that's doubtful because the Charlotte, N.C.,
bank is bumping up against the cap that restricts banks holding 10 percent of national deposits from making big bank acquisitions that would push its share of national deposits even higher.
BofA is free to capture a larger percentage of national deposits through internal growth.
Wells Fargo CEO Dick Kovacevich told investors last month that he does see his bank participating in a megamerger.
Fifth Third would definitely boost Wells Fargo's Midwest branch territory, which is rather thin with 24 branches in Michigan, 39 in Indiana and 14 in Illinois. It has one branch in Ohio. That compares with 851 branches in California, making it the state's second-largest bank after BofA.
Fifth Third's Chicago and Florida markets could be attractive to Wells Fargo, not to mention the Cincinnati bank's strong sales culture.
San Francisco Business Times by Mark Calvey Wells Fargo & Co. may be a potential buyer of Cincinnati-based Fifth Third Bancorp, analysts say.
Wells (NYSE: WFC) of San Francisco could be interested in expanding its Midwest presence with the purchase of Fifth Third, (NYSE: FITB) Richard Bove, an analyst with Punk, Ziegel & Co. told the San Francisco Business Times.
Other reports see U.S. Bancorp (NYSE: USB) and Wachovia (NYSE: WB) as potential suitors for the Cincinnati bank. Some have cited Bank of America Corp. (NYSE: BAC) as a possible acquirer, but that's doubtful because the Charlotte, N.C.,
bank is bumping up against the cap that restricts banks holding 10 percent of national deposits from making big bank acquisitions that would push its share of national deposits even higher.
BofA is free to capture a larger percentage of national deposits through internal growth.
Wells Fargo CEO Dick Kovacevich told investors last month that he does see his bank participating in a megamerger.
Fifth Third would definitely boost Wells Fargo's Midwest branch territory, which is rather thin with 24 branches in Michigan, 39 in Indiana and 14 in Illinois. It has one branch in Ohio. That compares with 851 branches in California, making it the state's second-largest bank after BofA.
Fifth Third's Chicago and Florida markets could be attractive to Wells Fargo, not to mention the Cincinnati bank's strong sales culture.
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