04/21/2004 at 01:00 AM EDT
Pop band Ben Folds Five is folding . . . after three members announced that they wanted to call it quits, reports MTV. The group -- which features frontman Ben Folds, bassist Robert Sledge and drummer Darren Jessee -- says there is no animosity between members over the split. "We are splitting on good terms," Folds said in a statement. "We are very proud of our three albums, our little hit (1997's "Brick") and our audience. Now it's time to bow out with dignity rather than make that final 'cash-in' record and tour." Members of the critically acclaimed group, which formed in Chapel, N.C., in 1994, already have other projects lined up. Folds is currently recording a solo album, and Jessee and Sledge are starting new groups.