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PHILADELPHIA-The State of Ohio helped overcome competition by neighboring Indiana and Kentucky by granting Cincinnati-based Fifth Third Bank a 60% tax credit over 10 years for its planned $44.2-million, 598,500-sf back office and customer service facility.

The facility will locate in Madisonville, OH, just north of Cincinnati. Fifth Third spokeswoman Stacie Haas tells GlobeSt.com, “We haven’t closed on the property yet. We’re awaiting City approval.” Nevertheless, she said that negotiations are expected to conclude by the end of this month.

“Plans call for beginning construction and renovation on the property in May 2003, and occupancy in February 2004,” she noted. The facility is expected to employ 500.

Fifth Third is Ohio’s second-largest bank and an affiliate of Fifth Third Bancorp, also based in Cincinnati, which operates about 1,000 banking centers in eight states. It has assets in excess of $75 billion.

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