First National Bankshares of Florida Receives Regulatory Approval for Merger of Southern Community Bancorp
19 August 2004 - 11:05PM
PR Newswire (US)
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/
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