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Fifth Third, First Horizon Agree on Sale of Atlanta-area Branches
Fifth Third Bank, N.A., an indirectly wholly owned subsidiary of Fifth Third Bancorp (NASDAQ: FITB) and First Horizon National Corp.’s (NYSE: FHN) principal banking subsidiary, First Tennessee Bank National Association, have reached agreement on terms for the completion of the sale of nine Atlanta-area First Horizon Bank branches by First Tennessee to Fifth Third. The sale, originally scheduled to be completed on February 8, 2008, did not close due to disagreement as to certain terms. Litigation currently pending in Nashville, TN, will be dismissed when the transaction closes. Terms of the transaction were not disclosed.
Upon closing of the transaction, Fifth Third will acquire the nine branches and will assume their deposits. Employees of the branches have been offered continued employment with Fifth Third. First Horizon will retain all loans held at the branches.
“We have been looking forward to moving into the Atlanta market for quite some time,” said Kevin T. Kabat, president and CEO of Fifth Third Bancorp. “We’re pleased that all issues have been resolved, and we are excited to be welcoming our new customers and associates to Fifth Third Bank.”
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. The Company has $111 billion in assets, operates 18 affiliates with 1,233 full-service Banking Centers, including 108 Bank Mart(R) locations open seven days a week inside select grocery stores and 2,214 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.”