Marshall & Ilsley to Purchase Fifth Third's 11 Arizona Locations

Expands M&I's Growing Arizona Presence, Sharpens Fifth Third's Midwest Focus



Apr 12, 2001, 01:00 ET from Fifth Third Bancorp

    CINCINNATI, April 12 /PRNewswire/ -- Fifth Third Bancorp (Nasdaq:   FITB)
 and Marshall & Ilsley Corporation (Milwaukee, WI) (NYSE:   MI) announced today
 that they have entered into a definitive agreement in which M&I will purchase
 Fifth Third's 11 Arizona locations.  Pending required regulatory approval, the
 purchase is expected to be completed in the third quarter of 2001.  Terms of
 the purchase were not disclosed.
     (Photo:  http://www.newscom.com/cgi-bin/prnh/19991117/FITBLOGO )
     Fifth Third, a $70 billion diversified financial services corporation,
 operates nearly 1,000 full-service Banking Centers located primarily
 throughout the Midwest and in southwest Florida.  Fifth Third's 11 Arizona
 locations were a subsidiary of State Savings Company, a Columbus-based
 financial institution acquired by Fifth Third in 1998.  The Arizona franchise
 has approximately $300 million in assets, $450 million in deposits and is the
 #1 mortgage lender in the state.
     M&I is a diversified interstate bank holding company with more than
 $26 billion in assets and locations throughout Wisconsin, Arizona and Florida.
 In Arizona, M&I currently has 14 offices, approximately $1 billion in assets
 and $850 million in deposits.  M&I's subsidiaries provide trust and investment
 management, financial management, brokerage, mortgage banking, leasing
 services and financial data services.
     George A. Schaefer, Jr., President & CEO, Fifth Third Bancorp, states,
 "Although we have always believed that our Arizona bank is an excellent
 franchise with tremendous growth potential, we have chosen to focus our
 attention on our existing Midwestern footprint in the wake of the Old Kent
 transaction."
     He continues, "M&I has maintained a presence in Arizona since 1987 and
 made clear their desire to grow in the region. With that commitment, we
 believe M&I is a great choice for our customers and our employees."
     M&I Chairman & CEO James B. Wigdale concurs, "This purchase is a good fit.
 We have worked hard to provide financial management and investment services,
 mortgage and trust, brokerage and leasing services to Arizona residents.  The
 residential and business development has been phenomenal, and we are now even
 better positioned to deliver a more encompassing level of service."
     Fifth Third will report first quarter 2001 financial results on April 16,
 2001.  The earnings announcement will be available at www.53.com at 7 a.m.
 EDT, and Fifth Third President & CEO George A. Schaefer, Jr. and Executive
 Vice President & Chief Financial Officer Neal E. Arnold will host a short
 earnings highlights conference call at 9 a.m. EDT.  Investors, analysts and
 other interested parties may dial into the conference call at 800/447-0521 for
 domestic access and 847/413-3238 for international access.  A replay of the
 conference call will be available until April 23, 2001 by dialing 888/843-8996
 for domestic access and 630/652-3044 for international access, passcode
 3857919.
     Fifth Third Bancorp is a diversified financial services company
 headquartered in Cincinnati, Ohio.  The Company has $70 billion in assets,
 operates 17 affiliates with 975 full-service Banking Centers, including
 147 Bank Mart(R) locations open seven days a week inside select grocery stores
 and 1,905 Jeanie(R) ATMs in Ohio, Kentucky, Indiana, Florida, Arizona,
 Michigan and Illinois.  A leader in e-commerce, Fifth Third was named #1
 e-business innovator by PC Week.  The financial strength of Fifth Third's
 affiliate banks continues to be recognized by rating agencies with deposit
 ratings of AA- and Aa2 from Standard & Poor's and Moody's, respectively.
 Additionally, Fifth Third Bancorp continues to maintain the highest short-term
 ratings available at A-1+ and Prime-1, and was recently recognized by Moody's
 with one of the highest senior debt ratings for any U.S. bank holding company
 of Aa3.  Fifth Third operates four main businesses:  Retail, Commercial,
 Investment Advisors and Midwest Payment Systems, the Bank's data processing
 subsidiary.  Investor information and press releases can be viewed at
 www.53.com ; press releases are also available by fax at no charge by calling
 800/758-5804, identification number 281775.  The Company's common stock is
 traded in the over-the-counter market through The Nasdaq National Market under
 the symbol "FITB."
     This document contains or may contain forward-looking statements about
 Fifth Third Bancorp which we believe are within the meaning of the Private
 Securities Litigation Reform Act of 1995.  This document contains certain
 forward-looking statements with respect to the financial condition, results of
 operations, plans, objectives, future performance and business of Fifth Third
 including statements preceded by, followed by or that include the words
 "believes," "expects," "anticipates," or similar expressions.  These forward-
 looking statements involve certain risks and uncertainties.  There are a
 number of important factors that could cause future results to differ
 materially from historical performance and these forward-looking statements.
 Factors that might cause a difference include, but are not limited to:
 (1) competitive pressure among depository institutions increase significantly;
 (2) changes in the interest rate environment reduce interest margins;
 (3) prepayment speeds, loan sales volumes, charge-offs and loan loss
 provisions; (4) general economic conditions, either natural or in the states
 in which Fifth Third does business, are less favorable than expected;
 (5) legislative or regulatory changes adversely affect the businesses in which
 Fifth Third is engaged; and (6) changes in the securities markets.  Further
 information on other factors which could affect the financial results of Fifth
 Third after the merger are included in Fifth Third's filings with the
 Securities and Exchange Commission.  These documents are available free of
 charge at the Commission's website at http://www.sec.gov and/or from Fifth
 Third Bancorp.
 
 

SOURCE Fifth Third Bancorp
    CINCINNATI, April 12 /PRNewswire/ -- Fifth Third Bancorp (Nasdaq:   FITB)
 and Marshall & Ilsley Corporation (Milwaukee, WI) (NYSE:   MI) announced today
 that they have entered into a definitive agreement in which M&I will purchase
 Fifth Third's 11 Arizona locations.  Pending required regulatory approval, the
 purchase is expected to be completed in the third quarter of 2001.  Terms of
 the purchase were not disclosed.
     (Photo:  http://www.newscom.com/cgi-bin/prnh/19991117/FITBLOGO )
     Fifth Third, a $70 billion diversified financial services corporation,
 operates nearly 1,000 full-service Banking Centers located primarily
 throughout the Midwest and in southwest Florida.  Fifth Third's 11 Arizona
 locations were a subsidiary of State Savings Company, a Columbus-based
 financial institution acquired by Fifth Third in 1998.  The Arizona franchise
 has approximately $300 million in assets, $450 million in deposits and is the
 #1 mortgage lender in the state.
     M&I is a diversified interstate bank holding company with more than
 $26 billion in assets and locations throughout Wisconsin, Arizona and Florida.
 In Arizona, M&I currently has 14 offices, approximately $1 billion in assets
 and $850 million in deposits.  M&I's subsidiaries provide trust and investment
 management, financial management, brokerage, mortgage banking, leasing
 services and financial data services.
     George A. Schaefer, Jr., President & CEO, Fifth Third Bancorp, states,
 "Although we have always believed that our Arizona bank is an excellent
 franchise with tremendous growth potential, we have chosen to focus our
 attention on our existing Midwestern footprint in the wake of the Old Kent
 transaction."
     He continues, "M&I has maintained a presence in Arizona since 1987 and
 made clear their desire to grow in the region. With that commitment, we
 believe M&I is a great choice for our customers and our employees."
     M&I Chairman & CEO James B. Wigdale concurs, "This purchase is a good fit.
 We have worked hard to provide financial management and investment services,
 mortgage and trust, brokerage and leasing services to Arizona residents.  The
 residential and business development has been phenomenal, and we are now even
 better positioned to deliver a more encompassing level of service."
     Fifth Third will report first quarter 2001 financial results on April 16,
 2001.  The earnings announcement will be available at www.53.com at 7 a.m.
 EDT, and Fifth Third President & CEO George A. Schaefer, Jr. and Executive
 Vice President & Chief Financial Officer Neal E. Arnold will host a short
 earnings highlights conference call at 9 a.m. EDT.  Investors, analysts and
 other interested parties may dial into the conference call at 800/447-0521 for
 domestic access and 847/413-3238 for international access.  A replay of the
 conference call will be available until April 23, 2001 by dialing 888/843-8996
 for domestic access and 630/652-3044 for international access, passcode
 3857919.
     Fifth Third Bancorp is a diversified financial services company
 headquartered in Cincinnati, Ohio.  The Company has $70 billion in assets,
 operates 17 affiliates with 975 full-service Banking Centers, including
 147 Bank Mart(R) locations open seven days a week inside select grocery stores
 and 1,905 Jeanie(R) ATMs in Ohio, Kentucky, Indiana, Florida, Arizona,
 Michigan and Illinois.  A leader in e-commerce, Fifth Third was named #1
 e-business innovator by PC Week.  The financial strength of Fifth Third's
 affiliate banks continues to be recognized by rating agencies with deposit
 ratings of AA- and Aa2 from Standard & Poor's and Moody's, respectively.
 Additionally, Fifth Third Bancorp continues to maintain the highest short-term
 ratings available at A-1+ and Prime-1, and was recently recognized by Moody's
 with one of the highest senior debt ratings for any U.S. bank holding company
 of Aa3.  Fifth Third operates four main businesses:  Retail, Commercial,
 Investment Advisors and Midwest Payment Systems, the Bank's data processing
 subsidiary.  Investor information and press releases can be viewed at
 www.53.com ; press releases are also available by fax at no charge by calling
 800/758-5804, identification number 281775.  The Company's common stock is
 traded in the over-the-counter market through The Nasdaq National Market under
 the symbol "FITB."
     This document contains or may contain forward-looking statements about
 Fifth Third Bancorp which we believe are within the meaning of the Private
 Securities Litigation Reform Act of 1995.  This document contains certain
 forward-looking statements with respect to the financial condition, results of
 operations, plans, objectives, future performance and business of Fifth Third
 including statements preceded by, followed by or that include the words
 "believes," "expects," "anticipates," or similar expressions.  These forward-
 looking statements involve certain risks and uncertainties.  There are a
 number of important factors that could cause future results to differ
 materially from historical performance and these forward-looking statements.
 Factors that might cause a difference include, but are not limited to:
 (1) competitive pressure among depository institutions increase significantly;
 (2) changes in the interest rate environment reduce interest margins;
 (3) prepayment speeds, loan sales volumes, charge-offs and loan loss
 provisions; (4) general economic conditions, either natural or in the states
 in which Fifth Third does business, are less favorable than expected;
 (5) legislative or regulatory changes adversely affect the businesses in which
 Fifth Third is engaged; and (6) changes in the securities markets.  Further
 information on other factors which could affect the financial results of Fifth
 Third after the merger are included in Fifth Third's filings with the
 Securities and Exchange Commission.  These documents are available free of
 charge at the Commission's website at http://www.sec.gov and/or from Fifth
 Third Bancorp.
 
 SOURCE  Fifth Third Bancorp

RELATED LINKS

http://www.53.com