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 21, 1996
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
On March 21, 1996, One Valley Bancorp of West Virginia, Inc. and CSB
Financial Corporation, headquartered in Lynchburg, Virginia, jointly
announced that it is now anticipated that the closing of the transaction
for One Valley to acquire CSB Financial will occur in the middle of the
second quarter of 1996. The closing had originally been planned for
early in the third quarter of this year.
The announcement of the new closing date was made by J. Holmes Morrison,
President and Chief Executive Officer of One Valley, and Bob M. Johnson,
President and Chief Executive Officer of CSB Financial Corporation.
The transaction is subject to, among other things, approval by
regulatory authorities and the stockholders of CSB Financial.
CSB Financial is the first acquisition of an out-of-state financial
institution for One Valley, the largest bank holding company based in
West Virginia with $3.8 billion in total assets which currently operates
eleven affiliate banks with 79 locations in West Virginia.
Pursuant to the agreement, One Valley will exchange .6774 shares of One
Valley common stock for each share of CSB Financial common stock
outstanding. This transaction will be accounted for as a purchase.
CSB Financial had $329 million in total assets at December 31, 1995 and
operates 10 full service branches in Central Virginia. The 5th largest
depository institution in the Lynchburg, Virginia market, CSB also has
locations in Amherst and Bedford counties as well as Danville, Virginia,
adjacent to the North Carolina border.
One Valley reported record annual earnings for the year ended December
31, 1995 of $49.1 million, a 6.3% increase over the $46.2 million earned
in 1994. On a per share basis, net income rose to $2.86, a 5.9%
increase over the $2.70 reported for 1994. One Valley recently declared
a cash dividend of $0.27 per share payable April 15, 1996 to
shareholders of record on March 29, 1996.
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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 22, 1996
BY /S/ Laurance G. Jones
Laurance G. Jones
Executive Vice President &
Chief Financial Officer
