Alston & Bird client Fifth Third Bancorp has entered into a definitive agreement with Franklin Street Partners, Inc., to acquire Franklin Street Advisors, a registered investment advisory firm, and Franklin Street Trust Company, a North Carolina trust company, both wholly owned subsidiaries of Franklin Street Partners.
The transaction is subject to regulatory approval and expected to close by the end of the year.
Upon completion of the acquisition, Fifth Third Bancorp will continue to operate the wealth advisory practice under the Franklin Street brand.
Founded in 1990, Franklin Street Partners provides complex wealth advisory services, separate account management, estate planning, and settlement and other advisory services. Based in Chapel Hill, NC, it has more than $2 billion in assets under advisement.
Fifth Third Bancorp is a Cincinnati-headquartered diversified financial services company serving businesses and communities through more than 1,100 service locations in the Midwest and Southeast. One of the largest U.S. banks, it has more than $140 billion in assets and ranks among the largest money managers in the Midwest, with $368 billion assets under care.
Representing Fifth Third Bancorp is an Alston & Bird team led by partner Chris Frieden and associates Ian Calhoun and Logan Anderson (Financial Services & Products); partners Cliff Stanford (Bank Regulatory), David Baum (Registered Investment Companies), and Matt Mamak (Corporate & Business Transactions); partner Brian Harvel and associate Mike Senger (Federal & International Tax); and partner Blake MacKay and associate Fahad Saghir (Employee Benefits & Executive Compensation).