First National Selects New Board Chairman
22 Avril 2008 - 5:15PM
PR Newswire (US)
SPARTANBURG, S.C., April 22 /PRNewswire-FirstCall/ -- First
National Bancshares, Inc. (NASDAQ:FNSC), announced today the
following changes in officers. Dr. Gaines Hammond, Jr., a founding
director, has announced his retirement from the Board of Directors.
He has served as Board Chairman for the past three years. C. Dan
Adams, also a founding director, has been elected as Board
Chairman. Dr. Hammond said, "I have truly enjoyed my affiliation
with the First National family. My responsibilities as a sole
practitioner with Hammond Urology have become increasingly
demanding as my practice and other associated business ventures
continue to grow. I feel that it is imperative for me to devote
more of my time to these efforts. Now that the Carolina National
acquisition is complete, I feel that it is the right time for
someone else to take on this leadership role." Adams has been the
president and principal owner of The Capital Corporation of
America, Inc., an investment banking company located in Greenville
/ Spartanburg, since 1991. Jerry L. Calvert, President, CEO &
Vice-Chairman, said, "It has been a pleasure working with Gaines
since we organized the bank almost nine years ago. His leadership
and drive to excel have been a key part of our success and his
dedication and commitment to First National are exceptional." Adams
stated, "I am pleased that my fellow Board members have elected me
as Chairman. I look forward to working even more closely with Jerry
and his very capable and hard-working management team. Gaines has
been a visionary leader, guiding us to many successes. We wish him
the best in his future endeavors and we will certainly miss him."
Mr. Calvert added, "Dan has been a leader on our board and I know
that his talent and energy will help us as we strive to be the
premier bank in all of our markets and continue to pursue our
strategic plan." COMPANY HIGHLIGHTS First National Bancshares, Inc.
is an $848-million asset bank holding company based in Spartanburg,
South Carolina. Its common stock is traded on the NASDAQ Global
Market under the symbol FNSC. It was incorporated in 1999 to
conduct general banking business through its wholly-owned bank
subsidiary, First National Bank of the South. As of January 31,
2008, it acquired 100% of the outstanding stock of Carolina
National Corporation in a stock and cash transaction. First
National Bank of the South provides a wide range of financial
services to consumer and commercial customers. The banking division
operates 11 full-service branches, three in Spartanburg County
operating as First National Bank of Spartanburg, and eight
operating as First National Bank of the South in Columbia,
Charleston, Mount Pleasant, Greenville and Greer. The Office of the
Comptroller of the Currency ("OCC") has approved the opening of a
twelfth full-service branch, which is currently under construction
in Lexington, South Carolina. First National has also received
approval from the OCC to open its thirteenth full-service branch
and York County market headquarters in the Fort Mill/Tega Cay
community, which is expected to open later in 2008. First National
also operates loan production offices in Rock Hill, South Carolina
and Indian Trail, North Carolina. First National Bank's wholesale
mortgage lending division provides services to community banks and
mortgage brokers across the Southeast from its office in
Greenville. Additional information about First National is
available online in the Investor Relations section of
http://www.firstnational-online.com/ . FORWARD-LOOKING STATEMENTS
Certain statements in this press release contain "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995, such as statements concerning our future
growth, plans, objectives, expectations, performance, events and
the like, as well as any other statements, including those
regarding the merger, that are not historical facts and are thus
prospective. Such forward-looking statements are subject to risks,
uncertainties, and other factors, including, but not limited to
changes in worldwide and U.S. economic conditions, a downturn in
economy or real estate market, construction delays and greater than
expected non-interest expenses or excessive loan losses,
uncertainties associated with the acquisition of Carolina National
Corporation, the integration of operations and the cost of
combining the banks, whether the transaction will be accretive to
First National's shareholders, business disruption following the
merger including adverse effects on employees, the quality of
Carolina National's assets that First National will acquire, the
ability of First National to retain customers of Carolina National
following the merger, acceptance of First National's products and
services in the Columbia market, changes in worldwide and U.S.
economic conditions, a downturn in the economy or real estate
market, construction delays and greater than expected non-interest
expenses or excessive loan losses and other factors which could
cause actual results to differ materially from future results
expressed or implied by such forward-looking statements. For a more
detailed description of factors that could cause or contribute to
such differences, please see First National's and Carolina
National's filings with the Securities and Exchange Commission.
Although we believe that the assumptions underlying the
forward-looking statements are reasonable, any of the assumptions
could prove to be inaccurate. These projections and statements are
based on management's estimates and assumptions with respect to
future events and financial performance and are believed to be
reasonable though they are inherently uncertain and difficult to
predict. Therefore, we can give no assurance that the results
contemplated in the forward-looking statements will be realized.
The inclusion of this forward-looking information should not be
construed as a representation that the future events, plans, or
expectations contemplated by either company will be achieved. First
National does not intend to and assumes no responsibility for
updating or revising any forward-looking statement contained in
this press release, whether as a result of new information, future
events or otherwise. DATASOURCE: First National Bancshares, Inc.
CONTACT: Jerry L. Calvert of First National Bancshares, Inc.,
+1-864-594-5690 Web site: http://www.firstnational-online.com/
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