NEW YORK ( TheStreet) -- General Electric (GE - Get Report) said early Tuesday its GE Capital unit has agreed to acquire MetLife's U.S. banking unit, which consists of roughly $7.5 billion in deposits and an online banking platform.
GE Capital expects the deal to close in mid-2012. MetLife noted that the transaction doesn't include about $3 billion in custodial deposits related to its forward mortgage business, and certain other assets.
GE shares closed Friday at $18.23, flat year-to-date, while MetLife's stock finished at $31.10, down more than 30% on the year.
Written by Michael Baron in New York.
>To contact the writer of this article, click here: Michael Baron.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts