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Fifth Third (FITB) Concludes Purchase of Hammond Hanlon

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Fifth Third Bancorp (FITB - Free Report) recently announced that it has completed the acquisition of Hammond Hanlon Camp LLC. The terms of the deal, announced on Dec 2, 2020, have not been disclosed yet.

Hammond Hanlon is one of the leading strategic advisory and investment banking firms with focus on the healthcare industry, specifically the not-for-profit sector. Over the past nine years, the company's core advisory services include mergers, acquisitions and divestitures, partnerships and strategic growth to capital markets and real estate investment banking. The company also has presence in major cities like Atlanta, Chicago, New York and San Diego.

The acquisition, on conclusion, will further fortify Fifth Third's presence in the healthcare industry. The transaction follows the company's buyout of Coker Capital in 2018. It has been particularly focused on expanding its healthcare team for the last 10 years. Consequently, the firm has become one of the foremost platforms for middle-market and corporate clients in the segment.

The acquisition of Hammond Hanlon will also aid Fifth Third's efforts to further enhance its presence in the healthcare segment which is presently becoming one of the fastest growing segments of the economy.

In the past year, shares of Fifth Third have lost 9.8% compared with the 17.3% decline of the industry it belongs to.

Currently, Fifth Third carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Amid the pandemic-induced economic slowdown, several finance companies are taking steps to focus on core businesses and restructure operations with the aim to enhance profitability. In December 2020, Farmers & Merchants Bancorp, Inc. (FMAO - Free Report) announced the acquisition of the assets and clients of Adams County Financial Resources.

Earlier in November, People’s United Financial’s (PBCT - Free Report) banking subsidiary, People's United Bank, completed the divesture of People's United Insurance Agency to AssuredPartners. Moreover, in September, Umpqua Holdings Corporation (UMPQ - Free Report) signed an agreement to divest its wealth management business to Steward Partners Global Advisory, LLC.

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