Friday, First Charter Corp. (FCTR), a banking service provider, announced the unanimous approval of its shareholders for the company's merger with Fifty Third, in a special meeting of its shareholders.
In an update of the merger schedule provided earlier, the Charlotte, North Carolina-based company said the merger is subject to approval of banking regulatory authorities and the satisfactory closing of other conditions. The company added that Fifth Third had submitted an application to the Federal Reserve Board for approval of the merger but has not yet received approval.
The company said a first quarter closing is almost impossible and expects the deal to close in the second quarter of 2008.
Commenting on the development, Bob James, President and CEO of First Charter said, We are pleased with the overwhelming shareholder support of the upcoming merger and look forward to introducing the Fifth Third brand to our markets.
FCTR is currently trading at $24.45, up $1.08 or 4.62%, on a volume of 335,192 shares on the Nasdaq.
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