The mutual's conversion could bring in up to $22.5 million in proceeds.
Fifth Third, which is currently barred from buying banks, has announced a pair of nonbank deals in recent months.
Acquisition pushes quarterly revenues past $1 billion for first time ever.
First Merchants in Muncie, Ind., has agreed to buy Arlington Bank in Upper Arlington, Ohio.
Profits at the Midwestern bank fell on lower adjusted noninterest income and loans and on a one-time item.
The $143 billion-asset company has agreed to buy the Retirement Corporation of America, an advisory firm based in Fifth Third’s headquarters city that focuses on the needs of retirees.
