- Jeff Richardson (Investors) 513.534.0983
- Jim Eglseder (Investors) 513.534.8424
- Stephanie Honan (Media) 513.534.6957
Fifth Third Bank Issues Statement
Regarding Cancellation of First Horizon Branch Sale in Atlanta
Fifth Third Bank was notified on February 7 that First Horizon National Corporation considered its contract to purchase nine Atlanta area branches to be null and void.
Fifth Third Bank is obviously disappointed in First Horizon’s decision on February 7 to attempt to cancel the sale of its Atlanta branches.
This deal was struck last September and the agreement was straightforward and complete. After receiving all necessary regulatory approvals, and investing over the last several months considerable time, energy, and resources, First Horizon is now not satisfied with the terms of the purchase agreement and has chosen not to move forward with the branch sale.
Fifth Third Bank has looked forward to serving a new set of customers since reaching the agreement. All necessary regulatory approvals had been obtained, and all preparations were in place for a successful conversion this weekend, including the arrival of our conversion team in Atlanta.
Fifth Third Bank regrets that this decision by First Horizon will likely confuse thousands of their customers who received advance notification by mail of this transition, and who have seen Fifth Third Bank advertising in the Atlanta marketplace.
Fifth Third considers this to be an unjustified breach of the agreement by First Horizon and will seek all available legal remedies.
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. The Company has $111 billion in assets, operates 18 affiliates with 1,227 full-service Banking Centers, including 102 Bank Mart® locations open seven days a week inside select grocery stores and 2,211 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 December 31, 2007, has $223 billion in assets under care, of which it managed $33 billion for individuals, corporations and not-for-profit organizations. Investor information and press releases can be viewed at www.53.com. Fifth Third’s common stock is traded on the NASDAQ® National Global Select Market under the symbol “FITB.” Member FDIC.