Fnb Financial Services (NASDAQ:FNBF)
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FNB Southeast (“FNB”),
a subsidiary of FNB Financial Services Corporation (NASDAQ: FNBF),
announced today that it has agreed to sell its Norton and Pennington
Gap, Virginia, banking offices, to New Peoples Bank (“NPB”),
a wholly-owned subsidiary of New Peoples Bankshares, Inc., based in
Honaker, Virginia.
Under the terms of the agreement, NPB will pay FNB a premium on the
outstanding deposits on the effective date of the transaction, plus the
net book value of the loans, and certain other amounts for the real and
personal property of the branches. FNB anticipates a net gain on the
transaction of approximately $5.0 million. The sale, which is subject to
a number of customary conditions, including the receipt of all required
regulatory approvals, is scheduled to be completed during the second
quarter of 2007.
“We will work with our staff in Norton and
Pennington Gap and with management of New Peoples Bank to make the
transition as seamless as possible for customers and employees,”
stated Pressley A. Ridgill, President and Chief Executive Officer. “This
is a strategic move that will allow us to redeploy the resulting funds
and expand in our more dynamic markets”.
FNB Financial Services Corporation is a bank holding company with one
banking 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 risks and uncertainties and
are based on the beliefs and assumptions of management of FNB and on the
information available to management at the time that these disclosures
were prepared. These statements can be identified by the use of words
like “expect,” “anticipate,”
“estimate” and “believe,”
variations of these words and other similar expressions. Readers
should not place undue reliance on forward-looking statements as a
number of important factors could cause actual results to differ
materially from those in the forward-looking statements. 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.