Cincinnati-based Fifth Third Bancorp buys Fla. bank with Ga. branches

<p>Fifth Third Bancorp said Monday it is adding to its Florida presence and moving into Georgia by buying R-G Crown Bank from R&G Financial Corp. for $288 million.</p><p>R-G Crown Bank, based in Casselberry, Fla., operates 30 branches in Florida and three in Augusta, Ga.</p><p>"This is an opportunity to expand our presence in some very attractive markets while paying a reasonable price," said Kevin Kabat, president and chief executive.</p><p>Rolando Rodriguez, CEO of R&G Financial, said the sale signals the company's intention to concentrate its operations in Puerto Rico and will significantly reduce its debt service.</p><p>The transaction is expected to close in the fourth quarter. It also includes $50 million in debt.</p><p>It is the first deal for Fifth Third since it bought First National Bankshares of Florida for $1.5 billion in 2005. It also is the first for Kabat as CEO since he took over at the company's annual meeting in April.</p><p>Profit growth at Fifth Third lagged after a series of acquisitions and expansion, and the company's stock price is well off its peak of $69.70 in 2002. Shares rose 22 cents to $41.38 in trading Monday, and have traded in the range of $35.86 to $41.64 in the past year.</p><p>Jason Goldberg of Lehman Brothers said in a note on Monday that the deal expands Fifth Third's presence in Orlando and Tampa Bay and adds the Jacksonville and Augusta markets. Goldberg expects further expansion in Jacksonville and Georgia.</p><p>Fifth Third Bancorp is a financial services company that operates 18 affiliates with 1,161 banking centers and 2,104 Jeanie ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Pennsylvania and Missouri.</p><p>___</p><p>On the Net:</p><p>HASH(0x2dec4e0)</p>