Franklin Financial Shareholders Approve Fifth Third Merger
04 5월 2004 - 2:52AM
PR Newswire (US)
Franklin Financial Shareholders Approve Fifth Third Merger
FRANKLIN, Tenn., May 3 /PRNewswire-FirstCall/ -- Franklin Financial
Corporation (FFC) shareholders today approved the proposed merger
with Fifth Third Financial Corporation, with 99.9% of the votes
cast being in favor of the transaction. The merger is expected to
be completed in the second quarter of 2004 and is subject to
regulatory approval. "On behalf of the Board of Directors of
Franklin," commented FFC Chairman, President and CEO Gordon E.
Inman, "I want to thank our shareholders for their investment,
continued interest and vision. Our thanks as well goes to our
customers and employees whose patronage and efforts have helped
create one of the strongest financial institutions in Middle
Tennessee. "Since the vast majority of our stock is owned by people
in our local community," continued Inman, "the terms of this
transaction should result in benefits to many of our neighbors and
customers. This will have a positive effect on the local area as
well. "The fact that our organization is joining one of the
strongest regional banks in the country," Inman said, "offers even
greater financial benefits to Middle Tennessee. Fifth Third is a
recognized leader in providing innovative financial products and
personalized customer service." On May 1, 2001, the common stock of
Franklin Financial Corporation began trading on the Nasdaq National
Market under the symbol "FNFN". Corporate data may be found on the
Internet at http://www.fnfn.net/ . Franklin Financial Corporation
is the parent company of Franklin National Bank, Franklin Financial
Mortgage and Franklin Financial Securities. Franklin National Bank
operates nine retail branches with ATMs in Williamson, Davidson,
and Maury counties. The bank's Internet site is
FranklinNetBranch.com. On July 24, 2002, Fifth Third Bancorp
(NASDAQ:FITB-News) and Franklin Financial Corporation announced the
signing of a definitive agreement in which Fifth Third will acquire
Franklin Financial Corporation. On March 27, 2003, the definitive
agreement was amended to extend the termination date to June 30,
2004 and to revise the exchange ratio. The merger is expected to be
completed in the second quarter of 2004 and is subject to
regulatory approval. THE STATEMENTS CONTAINED IN THIS RELEASE WHICH
ARE NOT HISTORICAL FACTS ARE FORWARD-LOOKING STATEMENTS MADE
PURSUANT TO THE SAFE HARBOR PROVISIONS OF THE PRIVATE SECURITIES
LITIGATION REFORM ACT OF 1995. FORWARD-LOOKING STATEMENTS
DESCRIBING FRANKLIN FINANCIAL CORPORATION'S FUTURE PLANS,
PROJECTIONS, STRATEGIES AND EXPECTATIONS ARE BASED ON ASSUMPTIONS
AND INVOLVE A NUMBER OF RISKS AND UNCERTAINTIES, MANY OF WHICH ARE
BEYOND FRANKLIN FINANCIAL CORPORATION'S CONTROL. ACTUAL RESULTS
COULD DIFFER MATERIALLY FROM THOSE PROJECTED DUE TO CHANGES IN
INTEREST RATES, COMPETITION IN THE INDUSTRY, CHANGES IN LOCAL AND
NATIONAL ECONOMIC CONDITIONS AND VARIOUS OTHER FACTORS. ADDITIONAL
INFORMATION CONCERNING SUCH FACTORS, WHICH COULD AFFECT FRANKLIN
FINANCIAL CORPORATION, IS CONTAINED IN FRANKLIN FINANCIAL
CORPORATION'S FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION.
DATASOURCE: Franklin Financial Corporation CONTACT: Kristy
Williams, +1-615-595-5531, or David McCurrach, +1-615-591-1059,
both of Franklin Financial Corporation Web site:
http://www.fnfn.net/
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