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) August 7, 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)
<PAGE>
One Valley Bancorp, Inc.
Item 5. Other Events
The acquisition of Summit Bankshares, Inc., by One Valley Bancorp,
Inc., was completed effective at the close of business on August 7, 1998, after
receiving approval of the shareholders of Summit along with state and federal
regulatory agencies.
One Valley exchanged 1.36 shares of One Valley's common stock, par
value $10.00 per share, for each share of Summit 's outstanding common stock,
par value $1.00 per share. The merger is accounted for as a pooling-of-
interests. The value of the transaction amounted to approximately $62 million
based on the current market price for One Valley common stock.
As a result of the merger, One Valley has total assets of $5.9 billion
and total deposits of $4.4 billion, with over $1.1 billion of those deposits in
Virginia. On June 30, 1998, One Valley had total assets of $5.6 billion and
total deposits of $4.2 billion, and Summit had total assets of $202 million and
total deposits of $179 million.
With the addition of Summit's nine full service banking offices, One
Valley now has 77 offices in West Virginia, and 45 offices in Virginia.
Beginning in December, 1998, former Summit banking locations will operate
under the name "One Valley Bank of Rockbridge."
W. Lowrie Tucker, III, a former member of the Board of Directors of
Summit, will be elected to the Board of Directors of One Valley.
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 August 10, 1998
BY /s/ Phyllis Huff Arnold
Phyllis Huff Arnold
(Executive Vice President & Chief
Operating Officer)
