First National Continues Stock Repurchase Program
09 Juillet 2008 - 6:48PM
PR Newswire (US)
SPARTANBURG, S.C., July 9 /PRNewswire-FirstCall/ -- First National
Bancshares, Inc. (NASDAQ:FNSC), parent company of First National
Bank of the South, today announced the results of its current stock
repurchase program. As of June 30, 2008, First National has
repurchased 92,981 shares under the program at a weighted average
price of $11.07 per share. The Board of Directors previously
authorized the repurchase of up to 107,000 shares of First National
common stock leaving up to 14,019 shares available for repurchase
under the program. Jerry L. Calvert, President, CEO and Vice
Chairman, stated, "We see the stock repurchase program as an
excellent way to continue to build value for our shareholders, as
well as giving us an additional opportunity to effectively manage
our capital. We believe that the purchase of shares of First
National common stock continues to be an attractive investment for
our company and for our shareholders, especially at recent trading
prices." 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 is at management's discretion after
consideration of factors such as 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. 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
expected to open later in July 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
early in 2009. 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 the 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 acquired, 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, 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 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, First National Bancshares, Inc., +1-864-594-5690
(Work) Web site: http://www.firstnational-online.com/
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