Fnb Financial Services (NASDAQ:FNBF)
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FNB Southeast, a subsidiary of FNB Financial Services Corporation
(NASDAQ: FNBF), announced today that it completed the previously
announced transaction to sell its Norton and Pennington Gap, Virginia,
banking offices, to New Peoples Bank on June 29, 2007.
Under the terms of the agreement, FNB received a premium on the
outstanding deposits on the effective date of the transaction, plus the
net book value of qualifying loans, and certain other amounts for the
real and personal property of the branches from New Peoples Bank. FNB
anticipates a net gain on the transaction of approximately $5.0 million.
FNB Financial Services Corporation is a bank holding company with one
subsidiary, FNB Southeast; a North Carolina chartered commercial bank.
FNB Southeast currently operates 17 banking offices located in North
Carolina and Virginia. FNB Southeast Mortgage Corporation and FNB
Southeast Investment Services, Inc. are operating subsidiaries of FNB
Southeast.
Forward Looking Statements
This news release may contain forward looking statements with respect
to the financial conditions and results of operations of FNB Financial
Services Corporation (“FNB”).
These forward looking statements involve certain risks and
uncertainties. Factors that may cause actual results to differ
materially from those contemplated by such forward looking statements
include, among others, the following possibilities: (1) projected
results in connection with the implementation of our business plan are
lower than expected; (2) competitive pressure among financial services
companies increases significantly; (3) costs or difficulties related to
the integration of acquisitions or expenses in general are greater than
expected; (4) general economic conditions, in the markets in which FNB
does business, are less favorable than expected; (5) risks inherent in
making loans, including repayment risks and risks associated with
collateral values, are greater than expected; (6) changes in the
interest rate environment reduce interest margins and affect funding
sources; (7) changes in market rates and prices may adversely affect the
value of financial products; (8) legislation or regulatory requirements
or changes thereto adversely affect the businesses in which FNB is
engaged; (9) regulatory compliance cost increases are greater than
expected; and (10) decisions to change the business mix of FNB. For
further information and other factors which could affect the accuracy of
forward looking statements, please see FNB’s
reports filed with the Securities and Exchange Commission (“SEC”)
pursuant to the Securities Exchange Act of 1934 which are available at
the SEC’s website (www.sec.gov)
or at FNB’s website (www.fnbsoutheast.com).
Readers are cautioned not to place undue reliance on these forward
looking statements, which reflect management’s
judgments only as of the date hereof. FNB undertakes no
obligation to publicly revise those forward looking statements to
reflect events and circumstances that arise after the date hereof.