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Fifth Third Completes Acquisition of Franklin Financial
Corporation
Expands Nashville Presence To 11 Branches; Building 6 New Locations by mid-2005
CINCINNATI, June 11 /PRNewswire-FirstCall/ -- Fifth Third Bancorp
(NASDAQ:FITB) completed today its acquisition of Franklin Financial Corporation
(NASDAQ:FNFN) and its subsidiary, Franklin National Bank. Headquartered in
Franklin, Tennessee in the Nashville metropolitan statistical area (MSA),
Franklin's nine branches will be combined with Fifth Third Bank (Tennessee),
one of 17 affiliates of Fifth Third Bancorp, as Fifth Third Bank, N.A. Fifth
Third will now have 11 full-service locations in the greater Nashville area,
with plans to open an additional six branches by mid-2005.
(Logo: http://www.newscom.com/cgi-bin/prnh/19991117/FITBLOGO )
"The Nashville MSA has experienced a 30 percent population growth over the last
decade," states Fifth Third Bancorp President & CEO George A. Schaefer, Jr.
"Franklin Chairman Gordon Inman has built an excellent franchise, and this is a
market that we are very much interested in serving."
Todd F. Clossin, President of Fifth Third Bank (Tennessee), concurs. "This
marks Fifth Third's foray into one of the most attractive markets in the
Southeast. The Franklin and Fifth Third teams have been working to extend
Franklin's 14-year track record of success by developing and providing
innovative banking, investment and processing solutions -- and best-in-class
service -- to 1.3 million people who live and work in the Nashville MSA."
"Our partnership with Fifth Third has already delivered a number of significant
benefits," offers Gordon E. Inman, Chairman, Franklin Financial Corporation.
"Our customers now have increased convenience through additional branches and
ATMs and access to new products and services. These, coupled with the
investment our shareholders will realize today and in the future through Fifth
Third's commitment to grow here, translate to an 'across-the-board' win for
Middle Tennessee."
Fifth Third exchanged, on a tax-free basis, .5933 shares of its common stock
for each share of Franklin Financial common stock. Based upon Fifth Third's
June 10, 2004 closing price of $55.52 per share, the total transaction value is
approximately $317 million.
Fifth Third Bancorp is a diversified financial services company headquartered
in Cincinnati, Ohio. The Company has $94 billion in assets, operates 17
affiliates with 981 full-service Banking Centers, including 130 Bank Mart(R)
locations open seven days a week inside select grocery stores and 1,855
Jeanie(R) ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida,
Tennessee and West Virginia. The financial strength of Fifth Third's other
affiliate banks continues to be recognized by rating agencies with deposit
ratings of AA- and Aa1 from Standard & Poor's and Moody's, respectively.
Additionally, Fifth Third Bancorp continues to maintain the highest short-term
ratings available at A-1+ and Prime-1, and is recognized by Moody's with one of
the highest senior debt ratings for any U.S. bank holding company of Aa2. Fifth
Third operates four main businesses: Retail, Commercial, Investment Advisors
and Fifth Third Processing Solutions. Investor information and press releases
can be viewed at http://www.53.com/. The company's common stock is traded
through the NASDAQ National Market System under the symbol "FITB."
This release includes forward-looking statements within the meaning of Sections
27A of the Securities Act of 1933, as amended, and Rule 175 promulgated
thereunder, and 21E of the Securities Exchange Act of 1934, as amended, and
Rule 3b-6 promulgated thereunder, that involve inherent risks and
uncertainties. This release contains certain forward-looking statements with
respect to the financial condition, results of operations, plans, objectives,
future performance and business of Fifth Third Bancorp including statements
preceded by, followed by or that include the words or phrases such as
"believes," "expects," "anticipates," "plans," "trend," "objective,"
"continue," "remain," "pattern" or similar expressions or future or conditional
verbs such as "will," "would," "should," "could," "might," "can," "may" or
similar expressions. There are a number of important factors that could cause
future results to differ materially from historical performance and these
forward-looking statements. Factors that might cause such a difference include,
but are not limited to: (1) competitive pressures among depository institutions
increase significantly; (2) changes in the interest rate environment reduce
interest margins; (3) prepayment speeds, loan origination and sale volumes,
charge-offs and loan loss provisions; (4) general economic conditions, either
national or in the states in which Fifth Third does business, are less
favorable than expected; (5) political developments, wars or other hostilities
may disrupt or increase volatility in securities markets or other economic
conditions; (6) changes and trends in the securities markets; (7) legislative
or regulatory changes or actions, or significant litigation, adversely affect
Fifth Third or the businesses in which Fifth Third is engaged; and (8) the
impact of reputational risk created by the developments discussed above on such
matters as business generation and retention, funding and liquidity. Further
information on other factors which could affect the financial results of Fifth
Third after the merger are included in Fifth Third's filings with the
Securities and Exchange Commission. These documents are available free of
charge at the Commission's website at http://www.sec.gov/ from Fifth Third
Bancorp. Fifth Third undertakes no obligation to release revisions to these
forward-looking statements or reflect events or circumstances after the date of
this release.
http://www.newscom.com/cgi-bin/prnh/19991117/FITBLOGO
http://photoarchive.ap.org/
DATASOURCE: Fifth Third
CONTACT: Media, Stacie Haas, +1-513-579-5113, or in Tennessee, Kristy
Williams, +1-615-595-5531, or Analysts, Bradley S. Adams,
+1-513-534-0983, all of Fifth Third
Web site: http://www.53.com/