First National Bankshares of Florida Completes the Sale of Its Roger Bouchard Insurance, Inc. Subsidiary
31 Dezember 2004 - 10:15PM
PR Newswire (US)
First National Bankshares of Florida Completes the Sale of Its
Roger Bouchard Insurance, Inc. Subsidiary NAPLES, Fla., Dec. 31
/PRNewswire-FirstCall/ -- First National Bankshares of Florida,
Inc. (NYSE:FLB) today announced that it has completed the sale of
Roger Bouchard Insurance, Inc. to a group of investors led by the
agency's principals. Terms of the sale were not disclosed. (Logo:
http://www.newscom.com/cgi-bin/prnh/20031230/FNBFLOGO ) Founded in
1948, Bouchard Insurance is a full-service insurance agency
offering all lines of commercial and personal insurance, including
property and casualty, homeowners, automobile, health, life,
workers' compensation and employee benefits. The agency has
full-service offices in Clearwater, Sarasota, Fort Myers, Kissimmee
and Celebration. "Our company was one of the first financial
institutions to offer insurance services after passage of the
Financial Modernization Act of 1999, and we have benefited from
this diversification," said Kevin C. Hale, President and Chief
Operating Officer of First National Bankshares. "However, with our
pending merger with Fifth Third Bancorp, the opportunity arose to
sell the insurance agency back to the principals. This will enable
us to focus on our core business with the benefit for Fifth Third's
enhanced product set." As a stand-alone company, Bouchard Insurance
will rank as one of the state's largest independent insurance
agencies with more than $30 million in revenue. The agency will
continue to be led by the current management team of Rick Bouchard,
Tim Bouchard, Ray Bouchard, Earl Horton and Sam Lupfer. No changes
are anticipated in staffing and current customers will continue to
be served by their local insurance offices and agents. "We have had
a tremendous relationship with First National since our affiliation
in 1999, enabling us to significantly expand our Florida franchise
and grow our revenue," said Rick Bouchard, Chief Executive Officer
of Roger Bouchard Insurance. "We wish them the very best as a part
of the Fifth Third organization. We are particularly excited to
have the opportunity to once again serve our customers as an
independent insurance agency." 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 1,015 banking
centers in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida,
Tennessee, West Virginia, Missouri and Pennsylvania. The company's
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 sale of Roger Bouchard Insurance, Inc. and the
acquisition of First National Bankshares by Fifth Third, 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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