CINCINNATI (AP) -- Fifth Third Bancorp said Monday it is adding to its Florida presence and moving into Georgia by buying RG Crown Bank from R&G Financial Corp. for $288 million.

RG Crown Bank, based in Casselberry, Fla., operates 30 branches in Florida and three in Augusta, Ga.

“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.

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.

The transaction is expected to close in the fourth quarter. It also includes $50 million in debt.

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.