FIRST CAPITAL BANCSHARES, INC.
EXHIBIT 99.1
First Capital Bancshares Restructures Senior Management
Board of Directors Names Charles O. Rivers CEO; Board Member Rush Named Chairman
--------------------------------------------------------------------------------
BENNETTSVILLE, S.C., Aug. 11 /PRNewswire/ -- First Capital Bancshares, Inc. (OTC
Bulletin Board: FCPB.OB - news) announced today that it restructured its senior
management team. Charles O. ( "Charlie ") Rivers, an experienced financial
services executive, has been appointed on an interim basis to serve as the
President and Chief Executive Officer of First Capital Bancshares and First
Capital Bank, pending final approval from the Bank's federal bank regulators.
Mr. Rivers replaced J. Aubrey Crosland as President of First Capital Bancshares
and First Capital Bank. Paul F. Rush, M.D., a founding board member of the
company, has been appointed Chairman of the Board. Dr. Rush is a respected
orthopedic surgeon serving the Laurinburg and Bennettsville communities.
"We believe these management changes will better position First Capital
Bancshares to succeed in the future. Mr. Crosland helped First Capital
Bancshares get off the ground from its early stages," said Dr. Rush. "His
contributions are appreciated, and we wish him well in all of his future
endeavors."
Charlie Rivers has over 30 years of banking and investment experience. Prior to
retirement in June of this year, he served as the Augusta, Georgia market
president for First Union National Bank where he was directly responsible for 14
branch offices with 210 employees and over $1.5 billion in assets. Mr. Rivers
was also the President of McNair Investment Company, a diversified agro-business
company, in Laurinburg, North Carolina from 1982 until 1987. "Mr. Rivers is a
proven leader with extensive bank management experience and contacts in First
Capital Bank's market area," continued Rush. "The Board of Directors believes
that he can lead First Capital to success through our growth and development
stages, and we are optimistic about our future under his management. Our
commitment to providing the best possible banking and financial services to our
customers remains a cornerstone of First Capital's strategy."
About First Capital Bancshares, Inc.
First Capital Bancshares, Inc. is a unitary thrift holding company for First
Capital Bank, a federal savings association. First Capital Bank conducts
community banking operations from its headquarters located in Bennettsville,
South Carolina.
