NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  2. SUPPLEMENTAL CASH FLOW INFORMATION 3. BUSINESS COMBINATIONS AND ASSET ACQUISITIONS  First Charter Corporation Other On June 6, 2008, the Bancorp acquired 100% of the outstanding  stock of First Charter, a full service financial institution  headquartered in Charlotte, North Carolina. First Charter operated 57 branches in North Carolina and two in suburban  Atlanta, Georgia. The acquisition of First Charter expanded the  Bancorp's footprint into the Charlotte, North Carolina market and  strengthened the Bancorp's presence in Georgia. Under the terms of the transaction, the Bancorp paid $31.00  per First Charter share, or $1.1 billion. Consideration was paid in  the form of approximately 70% Fifth Third common stock and  30% cash. First Charter common stock shareholders who received  shares of Fifth Third common stock in the merger received  1.7412 shares of Fifth Third common stock for each share of First  Charter common stock, resulting in the issuance of 42.9 million  shares of Fifth Third common stock. The common stock issued  to affect the transaction was valued at $17.80 per share, the  average closing price of the Bancorp’s common stock on the five  previous trading days ending on the trading day immediately prior  to the closing date. The assets and liabilities of First Charter were recorded on  the Consolidated Balance Sheets at their respective fair values as  of the closing date. The results of First Charter's operations were  included in the Bancorp’s Consolidated Statements of Income  from the date of acquisition. In addition, the Bancorp realized  charges against its earnings for acquisition-related expenses of $17  million during 2008. The acquisition-related expenses consisted  primarily of consulting, marketing, travel and relocation, and other  costs associated with system conversions. The transaction resulted in total intangible assets of $1.2  billion based upon the purchase price, the fair values of the  acquired assets and assumed liabilities and applicable purchase  accounting adjustments. Of this total intangibles amount, $56  million was allocated to core deposit intangibles, $9 million was  allocated to customer lists and $2 million was allocated to lease  intangibles. The remaining $1.1 billion of intangible assets was  recorded as goodwill, which is non-deductible for tax purposes. The pro forma effect and the financial results of First Charter  included in the results of operations subsequent to the date of  acquisition were immaterial to the Bancorp’s financial condition  or the operating results for the periods presented.  On October 31, 2008, banking regulators declared Bradenton,  Florida-based Freedom Bank insolvent and the FDIC was named  receiver. The FDIC approved the assumption of all deposits by  the Bancorp, which approximated $257 million. The FDIC  retained substantially all of Freedom Bank's loan portfolio for  later disposition. As part of the asset acquisition, the Bancorp  recorded a core deposit intangible of $3 million.  On May 2, 2008, the Bancorp completed its purchase of nine  branches located in Atlanta, Georgia from First Horizon National  Corporation (First Horizon). Under terms of the deal, the  Bancorp acquired the nine branches and assumed the related  deposits of $114 million. First Horizon retained all loans held at  the branches. As part of the asset acquisition, the Bancorp  recorded a core deposit intangible of $1 million. 78 Fifth Third Bancorp Noncash investing and financing activities are presented in the following table for the years ended December 31:  ($ in millions)  2010  2009  2008  Transfers:  Portfolio loans to held for sale loans  $650  $45 $532  Held for sale loans to portfolio loans  160 47  1,692  Portfolio loans to available-for-sale securities  -  - 430 Portfolio loans to trading securities  92 Held for sale loans to trading securities  -  136 268 Portfolio loans to OREO  662  377 303 Held for sale loans to OREO  68  36 - Acquisitions:  Fair value of tangible assets acquired -  7 4,368 Goodwill and identifiable intangible assets acquired  -  13 1,194 Contingent consideration -  (4) - Liabilities assumed  - (4,858) Common stock issued  -  - (770) Impact of change in accounting principle:  Decrease in available-for-sale securities, net  941  - - Increase in portfolio loans  2,217  Decrease in demand deposits 18  - - Increase in other short-term borrowings  122  - - Increase in long-term debt  1,344  - -