First National/Carolina National Merger Moves Ahead with Final Regulatory Approval
December 27 2007 - 5:23PM
PR Newswire (US)
SPARTANBURG, S.C., Dec. 27 /PRNewswire-FirstCall/ -- First National
Bancshares, Inc. ("First National") (NASDAQ:FNSC) and Carolina
National Corporation ("Carolina National") (NASDAQ:CNCP) announced
today that they have received final regulatory approval of their
plan to merge Carolina National into First National. Jerry L.
Calvert, First National's President and Chief Executive Officer,
said, "We are very pleased that this important step in the merger
process has been completed. We are looking forward to having a
strong presence in the Columbia market and serving the Carolina
National customers with the high level of customer service for
which both First National and Carolina National are recognized."
The approval from the Office of the Comptroller of the Currency was
the final approval needed to close the transaction. The Federal
Reserve and the South Carolina State Board of Financial
Institutions have also approved the acquisition. The shareholders
of both companies approved the deal in special meetings held
earlier in December. The deal, first announced in August, is
expected to close in the first quarter of 2008. Roger Whaley,
President and Chief Executive Officer of Carolina National, added,
"We look forward to the opportunities that the growing institution
will bring to our customers, employees and shareholders as we
continue building on the strong foundation created by Carolina
National's directors and employees in its first five years of
operation." The merger will give First National eleven full-service
banking locations in South Carolina's growth markets, supported by
its corporate headquarters and operations center located in
Spartanburg. Two additional locations, one in Fort Mill and another
in Lexington, have received regulatory approval and are scheduled
to open later in 2008. Following the deal closing, signage at
Carolina National's four branch locations will be changed to First
National Bank of the South. Upon completion of the merger, the
combined assets of First National are projected to be in excess of
$800 million. ABOUT FIRST NATIONAL First National Bancshares, Inc.
is a $574-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 through three operating divisions
-- the banking division, small business lending division, and the
wholesale mortgage lending division. The banking division operates
seven full-service branches, three in Spartanburg County operating
as First National Bank of Spartanburg, and four operating as First
National Bank of the South in Charleston, Mount Pleasant,
Greenville and Greer. First National has also received approval
from the Office of the Comptroller of the Currency to open its
eighth full-service branch and Rock Hill market headquarters at
2471 Hwy. 160, Ft. Mill, South Carolina. First National also
operates loan production offices in Columbia, Daniel Island and
Rock Hill, South Carolina. First National Bank also operates a
small business lending division under the name of First National
Business Capital, and this division provides small business lending
services to customers in the Carolinas and Georgia. First National
Bank's wholesale mortgage lending division provides services to
community banks and mortgage brokers across the Southeast from its
office on North Main Street in Greenville. In addition to these
services, First National offers trust and investment management
services to its customers through an alliance with Colonial Trust
Company, which has offices in Spartanburg and Greenville.
Additional information about First National is available online in
the Investor Relations section of
http://www.firstnational-online.com/. ABOUT CAROLINA NATIONAL
Carolina National Corporation is a $228-million asset bank holding
company headquartered in Columbia, South Carolina and conducts a
general banking business through its subsidiary, Carolina National
Bank and Trust Company. The bank opened on July 15, 2002, and
conducts its activities from its main office, three full-service
branch offices, and loan production offices in the Columbia and
Rock Hill, South Carolina areas. 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 the
timing of completion of the merger, uncertainties associated with
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 by either company or any person that the future
events, plans, or expectations contemplated by either company will
be achieved. First National and Carolina National do not intend to
and assume 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, +1-864-594-5690, of First National Bancshares, Inc. Web
site: http://www.firstnational-online.com/
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