First National Bankshares of Florida Completes Acquisition of Southern Community Bancorp; Expands Florida Franchise
07 September 2004 - 4:01PM
PR Newswire (US)
First National Bankshares of Florida Completes Acquisition of
Southern Community Bancorp; Expands Florida Franchise NAPLES, Fla.,
Sept. 7 /PRNewswire-FirstCall/ -- First National Bankshares of
Florida, Inc. (NYSE:FLB) today announced that it has completed the
acquisition of Southern Community Bancorp, the holding company for
Southern Community Bank of Central Florida, Southern Community Bank
of Southwest Florida and Southern Community Bank of South Florida.
(Logo: http://www.newscom.com/cgi-bin/prnh/20031230/FNBFLOGO ) "We
are extremely pleased to have completed this transaction as
scheduled," said Gary L. Tice, Chairman and Chief Executive Officer
of First National Bankshares. "With these additional offices, we
will significantly increase the number of commercial loans and
develop consumer and small business relationships. We also will
introduce an array of new financial products and services,
including insurance and wealth management." Headquartered in
Orlando, Florida, Southern Community Bancorp has more than $1
billion in total assets and $887 million in deposits with 18 full-
service 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.
These offices will be merged with and into First National's wholly
owned subsidiary, First National Bank of Florida, giving the bank a
total of 74 locations throughout Florida. "We are delighted to join
the First National family," said Charlie Brinkley, Chairman and
Chief Executive Officer of Southern Community Bancorp. "Together,
we will be able to better serve our customers with a broader array
of products and services, expanded lending services and more
convenient locations throughout the state of Florida."
Headquartered in Naples, Florida, First National Bankshares of
Florida is a $5.2 billion diversified financial services company.
In addition to traditional community banking, the company provides
a complete line of insurance and wealth management services with 74
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 $6.3 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
1,000 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, 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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