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) July 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) 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
On July 30, 1998, One Valley Bancorp, Inc. and Summit Bankshares, Inc.,
headquartered in Raphine, Virginia, jointly announced that it is now
anticipated that the closing of the transaction for One Valley to acquire
Summit Bankshares will occur at the close of business on August 7, 1998. The
closing had originally been anticipated to occur by September 30, 1998.
The announcement of the new closing date was made by J. Holmes Morrison,
President and Chief Executive Officer of One Valley, and W. Lowrie Tucker,
III., President and Chief Executive Officer of Summit Bankshares.
The transaction has received all requisite approval by regulatory
authorities and the stockholders of Summit approved the merger at a Special
Meeting held on July 30, 1998.
Pursuant to the agreement, each share of Summit Bankshares common stock
outstanding will be converted into 1.36 shares of One Valley common stock.
This transaction will be accounted for as a pooling of interests.
One Valley, with headquarters in Charleston, West Virginia is the largest
bank holding company based in West Virginia with $5.7 billion in total
assets. One Valley operates as a super community bank with 11 affiliate
banks and 114 locations - 78 in West Virginia and 36 in Virginia. Following
the merger with Summit Bankshares, which has $200 million in total assets on
June 30, 1998, One Valley Bancorp will be a $5.9 billion asset company with
125 locations. Assets in Virginia will total $1.5 million, making One Valley
the 8th largest banking company in that state.
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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 July 30, 1998
BY /S/ Laurance G. Jones
Laurance G. Jones
Executive Vice President &
Chief Financial Officer
