Shareholders Approve Merger of First National Bankshares of Florida, Inc. and Southern Community Bancorp
02 September 2004 - 4:01PM
PR Newswire (US)
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/
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