FNB United Corp. Announces Retirement of R. Reynolds Neely as Director of the Company and Nomination of T. Gray McCaskill
03 Avril 2013 - 10:05PM
FNB United Corp. (Nasdaq:FNBN) (the "Company"), the bank holding
company for CommunityOne Bank, N.A. and Bank of Granite (the
"Banks"), announced today that R. Reynolds Neely, Jr. is retiring
from the FNB United and CommunityOne Boards of Directors, effective
immediately prior to the 2013 Annual Meeting of Shareholders,
scheduled for June 20, 2013. Mr. Neely has served as a director of
FNB United and CommunityOne since 1980, and has been on the Audit
Committee and the Enforcement Compliance Committee. Mr. Neely does
not serve on the Bank of Granite Board of Directors. At the time of
his retirement Mr. Neely will become a director emeritus.
"We are grateful for Reynolds' long-standing service to our
company and the community, particularly during the last several
years as we were recapitalized and re-engaging with our customers,
particularly in our headquarters community of Asheboro," said Brian
Simpson, Chief Executive Officer of the Company. "We look forward
to his continuing insights as he transitions to an emeritus
status."
The Company's Board is nominating T. Gray McCaskill, CPCU, to
stand for election for director at the 2013 Annual Meeting of
Shareholders to fill the vacancy created by the retirement of Mr.
Neely. Mr. McCaskill is Chief Executive Officer of Senn Dunn
Insurance, Greensboro, North Carolina, which is the largest
privately owned insurance agency in North Carolina. If elected, Mr.
McCaskill will also serve on the Board of CommunityOne Bank, and
serve on the Audit Committee and the Enforcement Compliance
Committee of both boards.
"We are excited that Gray has agreed to stand for election to
the Company's Board," said Bob Reid, President of the Company. "His
enthusiasm for business development and his knowledge of the
various markets we serve in North Carolina will be a tremendous
asset to our company as we seek to build our business."
"I'm honored to be nominated for election to the Board of
Directors of FNB United Corp. and CommunityOne Bank," said
McCaskill. "I am committed to helping the Company grow and prosper,
if given the opportunity to serve."
The Company also announced today that its Board has approved
changing the name of the Company from FNB United Corp. to
"CommunityOne Bancorp". This change in name will be effected
through an amendment to the Company's Articles of Incorporation,
and is subject to shareholder approval at the 2013 Annual Meeting
of Shareholders. The name change is intended to align the name and
brand of the Company with that of its primary bank subsidiary,
CommunityOne Bank, N.A., which was rebranded in February.
"With our new brand and pending merger with Bank of Granite, the
time is right to change the name,' said Bob Reid. "CommunityOne"
reflects our identity and future direction as a state-wide
community bank which focuses on customers as its number one
priority.
"We also are pleased that we will be able to change our stock
symbol on the NASDAQ stock market to "COB," added Brian Simpson.
"We look forward to rolling out the new brand after the annual
meeting."
Caution About Forward-looking Statements
Certain statements made in this press release may constitute
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements are statements that include projections, predictions,
expectations, or beliefs about events or results or otherwise are
not statements of historical facts, such as statements about the
Company's board or its structure. Although the Company believes
that its expectations with respect to such forward-looking
statements are based upon reasonable assumptions within the bounds
of its existing knowledge of its business and operations, there can
be no assurance that actual results, performance or achievements of
the Company will not differ materially from those expressed or
implied by such forward-looking statements. Factors could cause
actual events or results to differ significantly from those
described in the forward-looking statements include, but are not
limited to those described in the cautionary language included
under the headings "Risk Factors" and in other sections of the
Company's Annual Report on Form 10-K for the fiscal year ended
December 31, 2012, and other filings made with the SEC.
About FNB United Corp.
FNB United Corp. is the North Carolina-based bank holding
company for two historic community banks, CommunityOne Bank, N.A.
(community1.com) and Bank of Granite (bankofgranite.com). Founded
in 1907, CommunityOne operates 44 branches in 37 communities
throughout central, southern and western North Carolina. Founded in
1906, Bank of Granite operates 17 branches in western North
Carolina. Through its banking subsidiaries, FNB United offers a
full range of consumer, mortgage and business banking services,
including loan, deposit, cash management, wealth management and
online banking services.
CONTACT: For more information:
Pam Cranford, 980.819.6221
pam.cranford@community1.com
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