<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report Pursuant to Section 13 or 15(d) of
The Securities Act of 1934
Date of Report (Date of earliest event reported) May 1, 2000
--------------------------------
FRONTIER NATIONAL CORPORATION
(Exact name of registrant as specified in its charter)
ALABAMA 000-24853 72-1355228
(State or other jurisdiction) (Commission File Number) (IRS Employer
Identification No.)
- --------------------------------------------------------------------------------
43 N. Broadway, Sylacauga, AL 35150
(Address of principal executive offices) (zip code)
- --------------------------------------------------------------------------------
Registrant's telephone number, including area code 334-644-5419
------------------------------
<PAGE>
Item 5. Other Events
The board of directors of Frontier National Corporation reported that the net
income for the company for the three months ended March 31, 2000 was $684,019
compared to $578,436 for the three months ended March 31, 1999. This represents
an 18.25% ($105,583) increase over the prior period. The earnings improvement
over the first quarter of last year is due to a 5.79% ($133,929) increase in net
interest income, primarily a result of loan growth, an increase in noninterest
income of $82,270 or 10.97%, primarily from nonbank subsidiaries, and expense
control that held noninterest expenses to an increase of only $38,430 (1.84%).
Earnings per share of $.20 for the first quarter of 2000 was $.01 over expected
earnings per share of $.19 for the quarter. At March 31, 2000, common shares
outstanding were 3,415,863.
On April 17, 2000, a quarterly cash dividend was declared for shareholders of
record on that date. The dividend amount is $0.1275 per share of which $0.0925
is a regular dividend and $0.0350 is a special dividend. The dividend will be
paid to shareholders on July 3, 2000.
Item 7. Financial Statements and Exhibits
(a) Not applicable
(b) Not applicable
(c) Exhibits
99 Press release dated April 26, 2000
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf on this
1/st/ day of May 2000 by the undersigned hereunto duly authorized.
FRONTIER NATIONAL CORPORATION
By: /s/ STEVEN R. TOWNSON
----------------------------------
Steven R. Townson
President and Chief Operating Officer
<PAGE>
EXHIBIT 99
PRESS
-----
RELEASE
-------
FOR IMMEDIATE RELEASE
- ---------------------
For More Information Contact:
Kerri C. Newton, Senior Vice
President and Chief Accounting
Officer at 334-644-5419
Frontier National Corporation Releases Earnings Report for First Quarter Ended
March 31, 2000
April 26, 2000, Lanett, Alabama. (OTCBB symbol: "FIEC") The board of directors
of Frontier National Corporation reported that the net income for the company
for the three months ended March 31, 2000 was $684,019 compared to $578,436 for
the three months ended March 31, 1999. This represents an 18.25% ($105,583)
increase over the prior period. The earnings improvement over the first quarter
of last year is due to a 5.79% ($133,929) increase in net interest income,
primarily a result of loan growth, an increase in noninterest income of $82,270
or 10.97%, primarily from nonbank subsidiaries, and expense control that held
noninterest expenses to an increase of only $38,430 (1.84%). Earnings per share
of $.20 for the first quarter of 2000 was $.01 over expected earnings per share
of $.19 for the quarter. At March 31, 2000, common shares outstanding were
3,415,863.
On April 17, 2000, a quarterly cash dividend was declared for shareholders of
record on that date. The dividend amount is $0.1275 per share of which $0.0925
is a regular dividend and $0.0350 is a special dividend. The dividend will be
paid to shareholders on July 3, 2000.
In the first quarter Frontier National Corporation stock traded between 10 and
16. At the current price of 12, it is trading at 15 times year 2000 projected
earnings with an annualized dividend yield of 4.25%.
Frontier National Corporation will be holding its Annual Meeting of Shareholders
of Frontier National Corporation at 3:00 p.m. Central Daylight Time on Monday,
May 15, 2000 at the B.B. Comer Memorial Library located at 314 North Broadway in
Sylacauga, Alabama.
Frontier National Corporation is a two-bank holding company and the parent
company of Frontier National Bank, Sylacauga, Alabama and Lanett, Alabama, The
Frontier Agency, Frontier Financial Services and The Frontier Reinsurance
Company.
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
Certain statements in this press release contain "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act of 1995,
which statements generally can be identified by the use of forward looking
terminology, such as "may," "will," "except," "estimate," "anticipate,"
"believe," "target," "plan," "project," or "continue" or the negatives thereof
or other variations thereon or similar terminology, and are made on the basis of
management's plans and current analyses of the Company, its business and the
industry as a whole. These forward-looking statements are subject to risks and
uncertainties, including, but not limited to, economic conditions, competition,
interest rate sensitivity and exposure to regulatory and legislative changes.
The above factors, in some cases, have affected, and in the future could affect,
the Company's financial performance and could cause actual results for fiscal
2000 and beyond to differ materially from those expressed or implied in such
forward looking statements. The Company does not undertake to publicly update or
revise its forward-looking statements even if we experience for future changes
make it clear that any projected results expressed of implied therein will not
be realized.
