First National Bankshares of Florida Completes Acquisition of First Bradenton Bank in Bradenton, Florida
30 November 2004 - 10:00PM
PR Newswire (US)
First National Bankshares of Florida Completes Acquisition of First
Bradenton Bank in Bradenton, Florida NAPLES, Fla., Nov. 30
/PRNewswire-FirstCall/ -- First National Bankshares of Florida,
Inc. (NYSE:FLB) today announced that it has completed the
acquisition of First Bradenton Bank, a state-chartered commercial
bank with one community banking location in Bradenton, Florida.
(Logo: http://www.newscom.com/cgi-bin/prnh/20031230/FNBFLOGO ) "We
are pleased to make our initial entry in the expanding
Bradenton/Manatee County market," said Gary L. Tice, Chairman and
Chief Executive Officer of First National Bankshares. "The
acquisition of First Bradenton Bank will help fill a gap in our
Florida franchise and provide us with opportunities to expand not
only our traditional banking services, but also our complete line
of wealth management and insurance products." First Bradenton Bank
was established in 1997. As of September 30, 2004, the bank had
$65.7 million in assets and $60.2 million in deposits. The addition
of First Bradenton Bank gives First National Bankshares more than
$5.6 billion in total assets, $4.0 billion in total deposits and 75
full- service financial centers throughout South and Central
Florida. "This merger gives us the opportunity to partner with a
successful, community-minded organization that shares so many of
our values," said Thomas L. Hodgson, President and Chief Executive
Officer of First Bradenton Bank. "By joining forces with First
National, our customers will retain very high levels of service and
gain access to a wider range of financial products and services. We
are delighted to be joining the First National family."
Headquartered in Naples, Florida, First National Bankshares of
Florida, Inc. is a $5.6 billion diversified financial services
company. The company's focus is on expansion in the high-growth
Florida market. In addition to traditional community banking, the
company provides a complete line of wealth management and insurance
services. 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. Upon completion of this transaction,
Fifth Third will have approximately $6.6 billion in assets and more
than 90 banking centers located throughout the state of Florida.
Headquartered in Cincinnati, Ohio, Fifth Third is a diversified
financial services company with approximately $98.3 billion in
total assets and 1,008 banking centers located 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." This document contains
forward-looking statements with respect to the plans, objectives,
financial condition, results of operations and businesses of First
National Bankshares of Florida, Inc.; the benefits and synergies of
the planned affiliation with Fifth Third Bancorp; and the expected
date of closing of the acquisition, including statements containing
such words as "believes," "expects," "projects," "anticipates," and
similar expressions. Such statements involve risks and
uncertainties. There are a number of important factors that could
cause future results to differ materially from historical
performance and these forward-looking statements. Factors that
might cause such a difference include, but are not limited to: (1)
competitive pressures among depository institutions increase
significantly; (2) changes in the interest rate environment reduce
interest rate margins; (3) general economic conditions are less
favorable than expected; (4) legislative or regulatory changes
adversely affect the businesses in which the company is engaged;
(5) costs, delays, and any other difficulties related to the
planned transaction; (6) failure of the parties to satisfy
conditions to the closing of the merger; (7) the ability to manage
and continue growth; and (8) other risk factors as detailed in
First National Bankshares' reports filed with the Securities and
Exchange Commission. First National Bankshares disclaims any
responsibility to update these forward-looking statements. 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 of First National Bankshares Of Florida,
Inc., +1-239-436-1676 Web site:
http://www.firstnationalbankshares.com/
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