First Natl Bancshares Fla (NYSE:FLB)
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Shareholders Approve Merger of First National Bankshares of
Florida, Inc. and Southern Community Bancorp
NAPLES, Fla., Sept. 2 /PRNewswire-FirstCall/ -- First National Bankshares of
Florida, Inc. (NYSE:FLB) and Southern Community Bancorp jointly announced today
that shareholders of both companies have approved the acquisition of Southern
Community by First National. The merger has received regulatory approval and is
scheduled to close in the next few days.
(Logo: http://www.newscom.com/cgi-bin/prnh/20031230/FNBFLOGO )
Under terms of the transaction, Southern Community's three subsidiary banks
will merge with and into First National Bankshares' wholly owned subsidiary,
First National Bank of Florida. The combined company, headquartered in Naples,
Florida, will have more than $5.2 billion in total assets, $3.9 billion in
deposits and 74 full-service financial centers.
"We are pleased by the overwhelming support for the merger from shareholders,"
said Gary L. Tice, Chairman and Chief Executive Officer of First National
Bankshares. "This transaction will enable us to significantly expand our
financial services operations in the greater Orlando area while opening up
brand new opportunities on Florida's East Coast."
Headquartered in Orlando, Florida, 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, the company had more than $1 billion in total assets and $887 million
in deposits with 18 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.
"This partnership will enable us to better serve our customers with expanded
products and services and more convenient locations," said Charlie W. Brinkley,
Jr., Chairman and Chief Executive Officer of Southern Community Bancorp. "We
look forward to being a part of the First National team and continuing to grow
throughout the state of Florida."
Headquartered in Naples, Florida, First National Bankshares of Florida is a
$4.2 billion diversified financial services company. In addition to traditional
community banking, the company provides a complete line of insurance and wealth
management services with 58 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 June 30, 2004, First National Bankshares announced the planned acquisition
of First Bradenton Bank. Headquartered in Bradenton, Florida, First Bradenton
has $63.9 million in assets and $58.8 million in deposits with one banking
location. Once the merger is completed, First National Bankshares will have
more than $5.3 billion in total assets and $3.9 billion in total deposits with
75 full-service financial centers located throughout South and Central Florida,
including the pending acquisition of Southern Community.
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 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 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
http://photoarchive.ap.org/
DATASOURCE: First National Bankshares Of Florida, Inc.
CONTACT: Clay W. Cone, First National Bankshares Of Florida, Inc., Vice
President, Director of Corporate Communications, +1-239-436-1676
Web site: http://www.firstnationalbankshares.com/