First Natl Bancshares Fla (NYSE:FLB)
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First National Bankshares of Florida Completes the Sale of Its
Roger Bouchard Insurance, Inc. Subsidiary
NAPLES, Fla., Dec. 31 /PRNewswire-FirstCall/ -- First National Bankshares of
Florida, Inc. (NYSE:FLB) today announced that it has completed the sale of
Roger Bouchard Insurance, Inc. to a group of investors led by the agency's
principals. Terms of the sale were not disclosed.
(Logo: http://www.newscom.com/cgi-bin/prnh/20031230/FNBFLOGO )
Founded in 1948, Bouchard Insurance is a full-service insurance agency offering
all lines of commercial and personal insurance, including property and
casualty, homeowners, automobile, health, life, workers' compensation and
employee benefits. The agency has full-service offices in Clearwater, Sarasota,
Fort Myers, Kissimmee and Celebration.
"Our company was one of the first financial institutions to offer insurance
services after passage of the Financial Modernization Act of 1999, and we have
benefited from this diversification," said Kevin C. Hale, President and Chief
Operating Officer of First National Bankshares. "However, with our pending
merger with Fifth Third Bancorp, the opportunity arose to sell the insurance
agency back to the principals. This will enable us to focus on our core
business with the benefit for Fifth Third's enhanced product set."
As a stand-alone company, Bouchard Insurance will rank as one of the state's
largest independent insurance agencies with more than $30 million in revenue.
The agency will continue to be led by the current management team of Rick
Bouchard, Tim Bouchard, Ray Bouchard, Earl Horton and Sam Lupfer. No changes
are anticipated in staffing and current customers will continue to be served by
their local insurance offices and agents.
"We have had a tremendous relationship with First National since our
affiliation in 1999, enabling us to significantly expand our Florida franchise
and grow our revenue," said Rick Bouchard, Chief Executive Officer of Roger
Bouchard Insurance. "We wish them the very best as a part of the Fifth Third
organization. We are particularly excited to have the opportunity to once again
serve our customers as an independent insurance agency."
Headquartered in Naples, Florida, First National Bankshares of Florida, Inc. is
a $5.6 billion diversified financial services company. The company's focus is
on expansion in the high-growth Florida market. In addition to traditional
community banking, the company provides a complete line of wealth management
and insurance services. 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. Upon completion of this transaction, Fifth Third will
have approximately $6.6 billion in assets and more than 90 banking centers
located throughout the state of Florida. Headquartered in Cincinnati, Ohio,
Fifth Third is a diversified financial services company with approximately
$98.3 billion in total assets and 1,015 banking centers in Ohio, Kentucky,
Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Missouri and
Pennsylvania. The company's stock is traded through the Nasdaq National Market
System under the symbol "FITB."
This document contains forward-looking statements with respect to the plans,
objectives, financial condition, results of operations and businesses of First
National Bankshares of Florida, Inc.; the benefits and synergies of the planned
affiliation with Fifth Third Bancorp; and the expected date of closing of the
sale of Roger Bouchard Insurance, Inc. and the acquisition of First National
Bankshares by Fifth Third, including statements containing such words as
"believes," "expects," "projects," "anticipates," and similar expressions. Such
statements involve risks and uncertainties. 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 rate margins; (3) general economic conditions
are less favorable than expected; (4) legislative or regulatory changes
adversely affect the businesses in which the company is engaged; (5) costs,
delays, and any other difficulties related to the planned transaction; (6)
failure of the parties to satisfy conditions to the closing of the merger; (7)
the ability to manage and continue growth; and (8) other risk factors as
detailed in First National Bankshares' reports filed with the Securities and
Exchange Commission. First National Bankshares disclaims any responsibility to
update these forward- looking statements.
CONTACT: Clay W. Cone
Vice President, Director of
Corporate Communications
239-436-1676
http://www.newscom.com/cgi-bin/prnh/20031230/FNBFLOGO
http://photoarchive.ap.org/
DATASOURCE: First National Bankshares of Florida, Inc.
CONTACT: Clay W. Cone, Vice President, Director of Corporate
Communications of First National Bankshares of Florida, Inc., +1-239-436-1676
Web site: http://www.firstnationalbankshares.com/