First Natl Bancshares Fla (NYSE:FLB)
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First National Bankshares of Florida Receives Regulatory Approval
for Merger of Southern Community Bancorp
NAPLES, Fla., Aug. 19 /PRNewswire-FirstCall/ -- First National Bankshares of
Florida, Inc. (NYSE:FLB) today announced that it has received approval from the
Office of the Comptroller of the Currency for the acquisition of Southern
Community Bancorp headquartered in Orlando, Florida. The transaction, which
remains subject to approval by the shareholders of First National and Southern
Community, is expected to be completed in September 2004.
(Logo: http://www.newscom.com/cgi-bin/prnh/20031230/FNBFLOGO )
"We are pleased to have received this approval, which will enable us to
complete this merger in a timely fashion," said Gary L. Tice, Chairman and
Chief Executive Officer of First National Bankshares. "Our employees and
management are working diligently as we prepare to welcome the customers of
Southern Community into our financial family."
Established in December 1998, Southern Community Bancorp is the holding company
for Southern Community Bank of Central Florida, Southern Community Bank of
Southwest Florida and Southern Community Bank of South Florida. As of June 30,
2004, Southern Community had more than $1.0 billion in total assets and $887
million in deposits with 18 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.
Once the merger is completed, all Southern Community Bank branches will join
First National Bank of Florida, First National Bankshares' subsidiary bank. As
a result, First National will have approximately $5.1 billion in total assets
and $3.9 billion in deposits with 77 full-service financial centers located
throughout South and Central Florida.
"This merger will greatly benefit our customers and our employees," said
Charlie W. Brinkley, Jr., Chairman and Chief Executive Officer of Southern
Community Bancorp. "By joining with First National Bankshares and First
National Bank of Florida, we will be able to provide an array of new and
exciting financial products and services, including insurance and wealth
management. It also will offer our customers a larger number of banking
locations in the greater Orlando area as well as throughout the state of
Florida."
Headquartered in Naples, Florida, First National Bankshares of Florida is a
$4.1 billion diversified financial services company. In addition to traditional
community banking, the company provides a complete line of insurance and wealth
management services with 59 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 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 995 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 the historical and present factual information contained herein, the
matters set forth in this release, including statements as to the expected date
of the closing of the acquisition of Southern Community Bancorp by First
National Bankshares of Florida, Inc., financial and operating results, benefits
and synergies of the merger, future opportunities and any other effect, result
or aspect of the transaction, and other statements identified by words such as
"believes," "expects," "projects," "plans," "anticipates," and similar
expressions, are forward-looking statements within the meaning of the "safe
harbor" provisions of the Private Securities Litigation Reform Act of 1995.
Such statements involve risks and uncertainties including, but not limited to,
costs, delays, and any other difficulties related to the merger, failure of the
parties to satisfy closing conditions, risks and effects of legal and
administrative proceedings and governmental regulations, future financial and
operating results, competition, economic conditions, ability to manage and
continue growth, and other risk industry factors as detailed from time to time
in First National Bankshares' and Southern Community Bancorp's reports filed
with the SEC. First National Bankshares and Southern Community Bancorp disclaim
any responsibility to update these forward-looking statements.
First National Bankshares has filed with the Securities and Exchange Commission
a Registration Statement on Form S-4, which contains the prospectus of First
National Bankshares relating to the shares to be issued in the merger, and the
proxy statements of First National Bankshares and Southern Community Bancorp
relating to the special meetings of shareholders of First National Bankshares
and Southern Community Bancorp at which the merger agreement will be considered
and voted upon by their respective shareholders, as well as other relevant
documents concerning the proposed merger. Investors are urged to read the joint
proxy statement/prospectus when it becomes available and any other relevant
documents filed with the SEC because they contain important information. You
may obtain the Form S-4 Registration Statement, including the exhibits filed
therewith free of charge at the Web site maintained by the SEC at
http://www.sec.gov/ . In addition, you may obtain documents filed with the SEC
by First National Bankshares free of charge by requesting them in writing from
First National Bankshares, 2150 Goodlette Road N., Naples, Fl., 34102,
Attention: Corporate Secretary, or by telephone at (800) 262-7600. You may
obtain documents filed with the SEC by Southern Community Bancorp free of
charge by requesting them in writing from Southern Community Bancorp, 175
Timacuan Boulevard, Lake Mary, Fl., 32746.
First National Bankshares, Southern Community Bancorp and their directors and
executive officers may be deemed to be participants in the solicitation of
proxies from their respective shareholders in connection with the merger.
Information about such directors and executive officers and their ownership of
First National Bankshares and Southern Community Bancorp stock is or will be
set forth in the proxy statement for each company's 2004 annual meeting of
shareholders which will be incorporated by reference in the Form S-4
Registration Statement filed with the SEC and in the joint proxy
statement/prospectus mailed to First National Bankshares and Southern Community
Bancorp shareholders. Investors may obtain additional information regarding the
interests of such participants by reading the proxy statement/prospectus.
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, First National Bankshares of Florida, Inc.,
+1-239-436-1676
Web site: http://www.firstnationalbankshares.com/