Cleary Gottlieb is representing Citigroup Global Markets as financial advisor to R&G Financial Corporation in the sale of its Florida bank subsidiary R-G Crown Bank to Fifth Third Financial Corporation, which was announced on May 21. Fifth Third is paying $288 million in cash and assuming obligations under $50 million in trust preferred securities.
R&G is a diversified financial holding company with operations in the United States and Puerto Rico, providing banking, mortgage banking, consumer finance and insurance services. Fifth Third is a diversified financial services company with $100 billion in assets.