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
April 11, 1995
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Date of Report (date of earliest event reported)
FIRST NATIONAL BANCORP
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(Exact name of registrant as specified in its charter)
Georgia 0-10657 58-1415138
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(state or other (Commission File (IRS Employer
jurisdiction of No.) Identification
incorporation) Number)
303 Jesse Jewell Parkway, Suite 700, Gainesville, Georgia 30501
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(address of principal executive office) (zip code)
(404) 503-2000
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(Registrants telephone number, including area code)
No change
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(Former name or address, if changed since last report)
<PAGE>
Item 5. OTHER EVENTS
(a) First National Bancorp ("Registrant"), hereby
reports the resignation of Richard A. McNeece, chairman
and CEO of Registrant, effective June 30, 1995.
Reproduced below is the press release concerning the
resignation as released on April 11, 1995. The press
release discusses the circumstances relating to the
resignation.
[BEGINNING OF PRESS RELEASE]
FIRST NATIONAL BANCORP
For Immediate Release: April 11, 1995
Corporate Contact: Pete Miller
President/CFO/CAO
(404) 503-2101
Media Contact: Ronda Rich
Corporate Communications
(404) 503-2306
NASDAQ Trading Symbol: FBAC
FIRST NATIONAL BANCORP LEADER
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SETS SIGHTS ON NEW CHALLENGES
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Richard A. McNeece, chairman and chief executive
officer of First National Bancorp, announced today that
he will leave the company on June 30, 1995, including
his position as chairman and chief executive officer of
First National Bank of Gainesville. As a part of the
transition during the next two and one half months,
Peter Miller, Bancorp President, will assume the day to
day operating responsibilities.
"The Board of Directors recruited me to the
organization to build value, acquire options for growth
and focus efforts on the future," McNeece added. "The
time I have devoted to building FNB has been among the
most professionally rewarding periods of my career."
In announcing his resignation, McNeece indicated a
differing view toward the strategic direction of the
company.
"It is apparent that the corporation and I now view
the future differently. There is a changing focus
among a group of shareholders that makes it appropriate
for me to channel my talent and energies into a new
environment," McNeece said.
"Rick's leadership and vision at First National over
the last eight years has made it an industry leader,"
noted board member Joe Wood, Jr., president of
Gainesville-based Turner, Wood & Smith Insurance. "The
growth of the assets and market share as well as the
strength and financial soundness of the company under
Rick's tenure has been a tremendous accomplishment."
"I have always been motivated by a challenge; that is
apparent in the achievements I have accomplished during
my 27-year career in the banking industry," McNeece
said. "Challenge to me translates into the ability and
opportunity of building an organization for growth and
resiliency as the economy continues to prepare for the
next millennium."
McNeece has been the instrument of innovation since
he was recruited by the board of directors to join the
company as president and chief executive officer of the
First National Bank of Gainesville in July, 1987.
During his tenure, McNeece directed
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<PAGE>
his efforts in six
key areas: organization, development of people,
technology, sales and marketing, mergers and investor
relations.
Today, the company is a market-driven organization as
a result of McNeece's comprehensive effort to
identify and address the needs of customers served by
First National Bancorp. "Our product mix and delivery
systems have made us more competitive in this rapidly
changing environment," McNeece explained.
With his leadership, the holding company has
increased its assets by $1 billion. He also initiated
the company's entry into interstate banking with the
acquisition of three Florida banks. When this purchase
is completed, it will increase the holding company's
assets to $3 billion.
McNeece's acquisition strategy has been careful,
however. "We've focused on adding banks in lucrative
markets, such as Northwest Georgia," McNeece noted. "We
have had opportunities to acquire banks in several
other markets in the South, but we passed over those
that would not add the desired shareholder value. We
have never been interested in mergers just for the
purpose of size."
McNeece added that his strategy has been one that is
"leading edge, rather than cutting edge. The difference
is that a cutting edge company takes greater risks and
incurs high research costs. While we forged into new
territory, we did so with a proven plan that offered
less risk to shareholders."
According to First National Bancorp board member
Woody Stewart, a partner of Stewart, Melvin & Frost in
Gainesville, McNeece was responsible for making a top
to bottom change at the company. "Rick is highly
motivated, intensely focused and knew what it took to
make this a superior banking company," Stewart said.
Where the local community is concerned, McNeece
tackled his job as chairman of the Greater Hall Chamber
of Commerce's Hall Together Business Initiative with
the same zeal he had for First National Bancorp. In
1994, he surpassed the campaign's goal of $1.6 million
by raising $2.2 million. McNeece also has served in
leadership roles with the American Bankers Association,
Georgia Bankers Association, Brenau University, the
Rotary Club of Gainesville and the United Way of Hall
County.
McNeece said that a highlight of his time at FNB has
been building a strong management team. "There is an
incredible amount of talent here, and it has been a
pleasure to work with these fine professionals,"
McNeece said. "I wish them the very best for the future
and look forward to their continued accomplishments."
McNeece currently is entertaining several business
ventures.
[END OF PRESS RELEASE]
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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.
FIRST NATIONAL BANCORP
(Registrant)
By: /s/ Peter D. Miller
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Peter D. Miller
President,
Chief Administrative and
Chief Financial Officer
By: /s/ C. Talmadge Garrison
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C. Talmadge Garrison
Senior Vice President
Secretary & Treasurer
Date: April 11, 1995
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