Enters Atlanta Market, Expands Georgia Presence
CINCINNATI, May 5 /PRNewswire-FirstCall/ -- Fifth Third Bancorp
(Nasdaq: FITB) today announced the completion of its acquisition of nine
branches from First Horizon National Corporation (NYSE: FHN). The nine
First Horizon branches, all located in the Atlanta area, are now part of
Fifth Third Bank, N.A.
Under terms of the deal, Fifth Third acquired the nine branches and has
assumed their deposits. First Horizon retained all loans held at the
branches.
"We have made a conscious effort over the past several years to
diversify our footprint by entering into faster growing markets," said
Kevin T. Kabat, president and CEO of Fifth Third Bancorp. "The closing of
this transaction now gives us a presence in Atlanta, one of the most
dynamic markets in the southeast."
Terms of the transaction were not disclosed.
Fifth Third Bancorp is a diversified financial services company
headquartered in Cincinnati, Ohio. The Company has $111 billion in assets,
operates 18 affiliates with 1,245 full-service Banking Centers, including
105 Bank Marta locations open seven days a week inside select grocery
stores and 2,229 ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois,
Florida, Tennessee, West Virginia, Pennsylvania, Missouri and Georgia.
Fifth Third operates five main businesses: Commercial Banking, Branch
Banking, Consumer Lending, Investment Advisors and Fifth Third Processing
Solutions. Fifth Third is among the largest money managers in the Midwest
and, as of March 31, 2008, has $212 billion in assets under care, of which
it managed $31 billion for individuals, corporations and not-for-profit
organizations. Investor information and press releases can be viewed at
http://www.53.com. Fifth Third's common stock is traded on the NASDAQ(R) National
Global Select Market under the symbol "FITB."
SOURCE Fifth Third Bancorp
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Related links:
http://www.53.com
CONTACT:
Debra DeCourcy, APR, (media),
+1-513-534-4153, Jeff Richardson, (investors), +1-513-534-0983,
or Jim Eglseder, (investors), +1-513-534-8424, all of Fifth Third
Bancorp
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