First National Named One of Nation's Top Community Banks
21 Juillet 2008 - 10:46PM
PR Newswire (US)
SPARTANBURG, S.C., July 21 /PRNewswire-FirstCall/ -- First National
Bancshares, Inc. (NASDAQ:FNSC), the holding company for First
National Bank of the South, was named one of the nation's top
community banks in the June 2008 issue of U.S. Banker magazine as
ranked by three-year average return on equity ("ROE"). Jerry L.
Calvert, First National's President and CEO, said, "We are honored
to be included in this group of top-performing community banks who
have maintained high returns on equity, despite the recent decline
in the financial markets, which began in the second half of 2007.
Like other community banks, we are focused on protecting our
capital by controlling our expenses while we reinforce our loan
loss reserves and maintain our franchise in all of our markets."
First National's three-year average ROE of 15.40% ranked 80th on
the list of 200 community banks from across the country. The data
collected by SNL Financial included publicly-traded community banks
and thrifts, as well as private companies that file with the
Securities and Exchange Commission. Kitty Payne, First National's
Executive Vice President and CFO, said, "Average return on equity
is one of the top financial performance benchmarks, measuring the
rate of return that we achieve on our investors' equity. This
ranking demonstrates First National's dedication to efficiently
leveraging our shareholders' capital investment in our company."
U.S. Banker, a monthly magazine published by SourceMedia, is the
leading banking business management magazine, written for those
individuals who are charged with generating greater profits and
shareholder value for their financial institutions. Originally
titled United States Investor when it was launched in 1891, U.S.
Banker is the magazine that senior-level industry executives have
turned to for the latest industry coverage for the past 117 years.
COMPANY HIGHLIGHTS First National Bancshares, Inc. is an
$852.8-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 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: Investors, Kitty Payne, First National Bancshares, Inc.,
+1-864-594-9001, ; or Media, Jason Land, First National Bank of the
South, +1-864-594-5682 (Office), +1-864-580-8168 (Cell), Web site:
http://www.firstnational-online.com/
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