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EXHIBIT 99
For Immediate Release
Tuesday, September 19, 2000
FNB CORPORATION ANNOUNCES AGREEMENT TO ACQUIRE
PEARISBURG AND WYTHEVILLE FIRST UNION BRANCHES
FNB Corporation (NASDAQ: FNBP), parent company of First National Bank,
headquartered in Christiansburg, Virginia, announced today that it had reached
an agreement to purchase the First Union National Bank branches located in
Pearisburg and Wytheville, Virginia. As of June 30, 2000, these branches held a
combined total of approximately $85 million in deposits.
This is FNB Corporation's third expansion announcement this quarter. On July 11
and August 8, 2000, respectively, FNB announced agreements to acquire CNB
Holdings, Inc. ("CNB") of Pulaski, Virginia, and SWVA Bancshares, Inc. ("SWVA")
of Roanoke, Virginia.
As a result of its recent expansion activity, FNB Corporation will become the
largest depository institution in Montgomery and Pulaski counties. Its assets
should approximate $725 million, following the closing of all three transactions
in process. The Pearisburg and Wytheville branch acquisition is expected to
close late in the first quarter of 2001, and is subject to customary regulatory
approval. First National intends to retain all employees associated with the
purchased offices.
Kendall O. Clay and J. Daniel Hardy, Jr., FNB Corporation's Chairman of the
Board and President/CEO, said of this most recent acquisition, "The addition of
two new branches in Pearisburg and Wytheville will further strengthen our
position as the leading independent community bank in the New River and Mountain
Empire markets of Southwest Virginia. We are especially excited about our
entrance into Giles County, and the opportunity to extend to that community the
exceptional customer service and innovative financial products First National
Bank has to offer."
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For more information contact:
J. Daniel Hardy, Jr. Peter A. Seitz
President and CEO EVP and General Counsel
FNB Corporation FNB Corporation
(540) 382-6041 (540) 381-6700
