First National Announces Increase to Stock Repurchase Program
25 Avril 2008 - 10:32PM
PR Newswire (US)
SPARTANBURG, S.C., April 25 /PRNewswire-FirstCall/ -- First
National Bancshares, Inc. (NASDAQ:FNSC), holding company for First
National Bank of the South, announced today that its Board of
Directors approved an increase to its previously authorized share
repurchase program at their regularly scheduled meeting on April
21, 2008. The increase, together with previously available amounts,
provides a total authorization of 107,000 shares to be repurchased.
Jerry L. Calvert, President, CEO and Vice Chairman stated, "We are
pleased to increase the number of shares that we can repurchase in
this program. We believe that the stock repurchase program is an
excellent way to continue to build value for our loyal
shareholders, as well as give us an additional opportunity to
continue to effectively manage our capital. We firmly believe that
the purchase of shares of First National stock is an attractive
investment for our company and for our shareholders." Since the
repurchase program was initially approved in November of 2006,
First National has purchased, as of April 22, 2008, 48,181 shares
of the 6,354,221 shares of its common stock outstanding at a cost
of $608,051, or a weighted-average price of $13.24 per share. After
the increase, an additional 60,819 shares of common stock
outstanding remain available for repurchase under the program.
Under the terms of the stock repurchase program, First National may
repurchase its issued and outstanding common stock in open-market
transactions on the NASDAQ Global Market. The program is structured
to conform to the safe harbor provisions of Securities and Exchange
Commission (SEC) Rule 10b-18. SEC Rule 10b-18 contains certain
restrictions related to the manner, price, timing and volume of
repurchases, among other conditions. First National is funding
repurchases made under the program from available working capital.
The repurchase of shares by First National under the program will
continue to be at management's discretion after consideration of
factors, which include the market price of the stock, the nature of
other investment opportunities or growth projects, available cash
flows from operations, general economic conditions and other
factors deemed appropriate. The program does not obligate First
National to acquire any specific number of shares and may be
modified, suspended, extended, or terminated for any reason at any
time without prior notice. All per share prices and number of
shares reflect the 7% stock dividend distributed on March 30, 2007.
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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