SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) March 15, 1995
ONE VALLEY BANCORP OF WEST VIRGINIA, INC.
(Exact name of registrant as specified in its charter)
West Virginia 0-10042 55-0609408
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
One Valley Square, Charleston, West Virginia 25326
(Address of principal executive offices)
(Zip Code)
(304) 348-7000
(Registrant's telephone number, including area code)
Not applicable _
(Former name, address, and fiscal year, if changed since last report)
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One Valley Bancorp of West Virginia, Inc.
Item 5. Other Events
The merger between One Valley Thrift, Inc., a wholly-owned subsidiary of One
Valley Bancorp of West Virginia, Inc., and Point Bancorp, Inc., was completed
effective at the close of business on March 15, 1995, after receiving approval
of the shareholders of Point Bancorp, Inc., as well as state and federal
regulatory agencies.
Under terms of the merger agreement, One Valley exchanged .6 (six-tenths)
shares of One Valley's common stock and $7.10 cash for each share of
outstanding common stock of Point Bancorp, Inc. The shares of One Valley to be
issued to shareholders of Point Bancorp, Inc., were described in One Valley's
Registration Statement on Form S-4, Registration Number 33-57253 filed on
January 12, 1995. The merger will be accounted for as a purchase.
On December 31, 1994, One Valley had total assets of $3.7 billion and total
deposits of $2.9 billion and Point Bancorp, Inc., had total assets of $57.1
million and deposits of $42.7 million.
With the addition of Point Bancorp's full service banking office, One Valley
now has 80 offices in 23 counties in West Virginia.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
One Valley Bancorp of West Virginia, Inc.
DATE March 27, 1995
BY /S/ Laurance G. Jones
Laurance G. Jones
Chief Financial Officer
