First Natl Bancshares Fla (NYSE:FLB)
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First National Bankshares of Florida Completes Acquisition of
Southern Community Bancorp; Expands Florida Franchise
NAPLES, Fla., Sept. 7 /PRNewswire-FirstCall/ -- First National Bankshares of
Florida, Inc. (NYSE:FLB) today announced that it has completed the acquisition
of Southern Community Bancorp, the holding company for Southern Community Bank
of Central Florida, Southern Community Bank of Southwest Florida and Southern
Community Bank of South Florida.
(Logo: http://www.newscom.com/cgi-bin/prnh/20031230/FNBFLOGO )
"We are extremely pleased to have completed this transaction as scheduled,"
said Gary L. Tice, Chairman and Chief Executive Officer of First National
Bankshares. "With these additional offices, we will significantly increase the
number of commercial loans and develop consumer and small business
relationships. We also will introduce an array of new financial products and
services, including insurance and wealth management."
Headquartered in Orlando, Florida, Southern Community Bancorp has more than $1
billion in total assets and $887 million in deposits with 18 full- service
banking offices serving Naples, Bonita Springs, Fort Myers, Orlando, Altamonte
Springs, Lake Mary, Longwood, Winter Park, Daytona Beach, Port Orange, Ormond
Beach, Boca Raton, North Fort Lauderdale, Palm Beach, Palm Beach Gardens and
West Palm Beach. These offices will be merged with and into First National's
wholly owned subsidiary, First National Bank of Florida, giving the bank a
total of 74 locations throughout Florida.
"We are delighted to join the First National family," said Charlie Brinkley,
Chairman and Chief Executive Officer of Southern Community Bancorp. "Together,
we will be able to better serve our customers with a broader array of products
and services, expanded lending services and more convenient locations
throughout the state of Florida."
Headquartered in Naples, Florida, First National Bankshares of Florida is a
$5.2 billion diversified financial services company. In addition to traditional
community banking, the company provides a complete line of insurance and wealth
management services with 74 full-service financial centers located throughout
Southwest and Central Florida. The company's stock is traded on the New York
Stock Exchange under the symbol "FLB."
On August 2, 2004, First National Bankshares of Florida and Fifth Third Bancorp
announced the signing of a definitive agreement in which Fifth Third will
acquire First National Bankshares and its subsidiaries. The acquisition is
expected to close in the first quarter of 2005 and is subject to normal
regulatory approvals in addition to the approval of First National's
shareholders. Upon completion of this transaction, Fifth Third will have more
than $6.3 billion in total assets and 90 banking centers in the state of
Florida. Headquartered in Cincinnati, Ohio, Fifth Third is a diversified
financial services company with $95.6 billion in total assets and 1,000 banking
centers in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee and
West Virginia. The company's common stock is traded through the NASDAQ National
Market System under the symbol "FITB."
Except for historical information contained herein, the statements made in this
press release constitute "forward-looking" statements within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. Such statements involve certain risks and uncertainties,
including statements regarding the Company's strategic direction, prospects and
future results. Certain factors, including those outside the Company's control,
may cause actual results to differ materially from those in the forward-looking
statements, including economic and other conditions in the markets in which the
Company operates; risks associated with acquisitions, competition, seasonality
and the other risks discussed in our filings with the Securities and Exchange
Commission, which discussions are incorporated in this press release by
reference.
CONTACT: Clay W. Cone
Vice President, Director of
Corporate Communications
239-436-1676
http://www.newscom.com/cgi-bin/prnh/20031230/FNBFLOGO
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DATASOURCE: First National Bankshares Of Florida, Inc.
CONTACT: Clay W. Cone, Vice President, Director of Corporate
Communications, First National Bankshares Of Florida, Inc., +1-239-436-1676
Web site: http://www.firstnationalbankshares.com/