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) April 30, 1996
ONE VALLEY BANCORP, 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, Inc.
Item 5. Other Events
The acquisition by One Valley Bancorp, Inc. of CSB Financial
Corporation, headquartered in Lynchburg, Virginia, was completed at
the close of business on April 30, 1996. The acquisition agreement
had previously been approved by CSB shareholders as well as various
federal and state regulatory agencies.
The completion of the transaction coincides with the name change from
One Valley Bancorp of West Virginia, Inc. to One Valley Bancorp, Inc.,
effective May 1, 1996. One Valley's shareholders overwhelmingly
approved the name change at the company's annual meeting in Charleston
on April 23, 1996.
One Valley exchanged .6774 shares of One Valley's common stock for
each share of CSB Financial's common stock outstanding. The
transaction, which is based on a fixed exchange ratio, will be
accounted for as a purchase. The transaction is valued at
approximately $55.7 million dollars, or $21.08 per share of CSB
Financial common stock, based on the closing market price of $31.13
per share of One Valley common stock on April 30, 1996.
CSB Financial is the first acquisition of an out-of-state firm for One
Valley, the largest bank holding company based in West Virginia. One
Valley's total assets are now $4.2 billion with twelve affiliate banks
operating 89 locations--79 of which are in West Virginia and ten in
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, Inc.
DATE May 1, 1996
BY /S/ Laurance G. Jones
Laurance G. Jones
Executive Vice President &
Chief Financial Officer
