Exhibit 99
PRESS RELEASE
ASHEVILLE, North Carolina - September 5, 2000, Weststar Financial Services
Corporation, the parent company of The Bank of Asheville, Asheville, North
Carolina ("Weststar Financial"; OTCBB: WFSC), has filed a Registration Statement
with the Securities and Exchange Commission ("SEC") to conduct a public offering
of its Common Stock. At this time, Weststar Financial is not offering any
securities for sale because the SEC must first review the filing and grant
permission before any securities can be sold.
Weststar Financial is proposing to offer between 117,600 and 410,000 shares of
its Common Stock at a price yet to be determined. Assuming that there are no
significant delays resulting from the SEC's review of the filing, Weststar
Financial anticipates that the offering will begin in early to mid October.
Weststar Financial intends to sell primarily in the markets where it has
established branches in and around Asheville and Buncombe County. Wachovia
Securities, Inc., Charlotte, North Carolina, has agreed to offer some of the
shares on a "best efforts" basis to its clients in the greater Asheville
Metropolitan area through its retail division, IJL Wachovia. The offering
proceeds will be used to enhance The Bank of Asheville's liquidity position,
provide funding or capital to the Bank to support additional branch locations
and for general corporate purposes.
The Registration Statement relating to these securities has been filed with the
SEC, but has not yet become effective. These securities may not be sold nor may
offers to buy be accepted prior to the time the Registration Statement becomes
effective.
This press release shall not constitute an offer to sell or the solicitation of
an offer to buy, nor shall there be any sale of these securities in any state or
jurisdiction in which such offer, solicitation, or sale would be unlawful prior
to registration or qualification under the securities laws of any such state or
jurisdiction.
