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 30, 1998
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 or organization) 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 merger between One Valley Bancorp, Inc., and FFVA Financial Corporation,
was completed effective at the close of business on March 30, 1998, after
receiving approval of the shareholders of both companies along with state and
federal regulatory agencies.
One Valley exchanged 1.05 shares of One Valley's common stock, par value
$10.00 per share, for each share of FFVA 's outstanding common stock, par value
$.10 per share. The merger is accounted for as a pooling-of-interests. The
value of the transaction amounted to approximately $230 million based on the
current market price for One Valley common stock.
As a result of the merger, One Valley has total assets of $5.5 billion
and total deposits of $4.2 billion, with over $975 million of those deposits in
Virginia. On December 31, 1997, One Valley had total assets of $4.6 billion
and total deposits of $3.5 billion and FFVA had total assets of $580 million
and deposits of $416 million.
With the addition of FFVA 's 12 full service banking offices, One Valley
now has 78 offices in West Virginia, and 37 offices in Virginia. Beginning in
June, 1998, former FFVA banking locations will operate under the name "One
Valley Bank."
James L. Davidson, Jr. and James K. Candler former members of the Board
of Directors of FFVA, will be elected to the Board of Directors of One Valley.
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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 thereunto duly authorized.
One Valley Bancorp, Inc.
DATE March 30, 1998
BY /s/ Laurance G. Jones
Laurance G. Jones
(Executive Vice President &
Chief Financial Officer)
