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First National Bankshares Completes Sale of Bouchard Insurance
"NAPLES, Fla. -- First National Bankshares of Florida Inc. has completed the sale of Roger Bouchard Insurance Inc. to a group of investors led by the agency's principals, officials announced recently. Terms of the sale were not disclosed."Our company was one of the first financial institutions to offer insurance services after passage of the Financial Modernization Act of 1999, and we have benefited from this diversification," said Kevin C. Hale, president and chief operating officer of First National Bankshares. "However, with our pending merger with Fifth Third Bancorp, the opportunity arose to sell the insurance agency back to the principals. This will enable us to focus on our core business with the benefit for Fifth Third's enhanced product set."First National Bankshares and Fifth Third announced their intention to merge on Aug. 2, 2004. The transaction is expected to be complete this month, officials said. Upon completion of the merger, Fifth Third will have more than $6.6 billion in total assets and nearly 100 full-service banking centers located throughout the state of Florida. Shareholders of First National approved the merger Nov. 22, 2004.As a stand-alone company, Bouchard Insurance, founded in 1948, will rank as one of the state's largest independent insurance agencies with more than $30 million in revenue, according to Rich Bouchard, chief executive officer. The agency will continue to be led by the current management team of Bouchard, Tim Bouchard, Ray Bouchard, Earl Horton and Sam Lupfer. No changes are anticipated in staffing and current customers will continue to be served by their local insurance offices and agents. The agency has full-service offices in Clearwater, Sarasota, Fort Myers, Kissimmee and Celebration."