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Fifth Third Bancorp Completes Purchase of Nine First Horizon Branches
Enters Atlanta Market, Expands Georgia Presence
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 Mart® 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 www.53.com. Fifth Third's common stock is traded on the NASDAQ(R) National Global Select Market under the symbol "FITB."