Financial Accounting Blog

Wednesday, March 24, 2004

The Cincinnati Enquirer reports that Fifth Third Bank is now able to acquire other banks and branches. They haven't been able to for the last year due to federal regulations. It also goes into detail about what Fifth Third had to do to maintain compliance, including accounting procedures.

The agreement called for Fifth Third to solve internal accounting errors and improve risk-management processes, and forced it to take a $54 million charge in 2002.