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UNITED STATES
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) JANUARY 5, 1999
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POCAHONTAS BANKSHARES CORPORATION
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(Exact name of registrant as specified in its charter)
West Virginia 0-11671 55-0628089
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(State or other jurisdiction of (Commission (IRS Employer
incorporation or organization) File Number) Identification No.)
500 Federal Street, Bluefield, WV 24701
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (304) 325-8181
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(Former name or former address, if changed since last report) Not applicable
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POCAHONTAS BANKSHARES CORPORATION
FORM 8-K
Item 5. Other Events
On January 5, 1999, Pocahontas Bankshares Corporation (the "Registrant")
announced that its wholly owned subsidiary, First Century Bank, N.A., had
entered into a definitive agreement to purchase the assets and assume the
liabilities of the Hinton, West Virginia branch of City National Bank of West
Virginia. The acquisition will consist of approximately $60 million in deposits
and approximately $45 million in loans, along with the fixed assets of the
branch. Enclosed is the text of the official press release.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(c) Exhibits
99.1 Press release announcing the acquisition of the Hinton, West Virginia
branch of City National Bank of West Virginia by Pocahontas Bankshares
Corporation's wholly owned subsidiary, First Century Bank, N.A.
SIGNATURES
Pursuant to the requirements of Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
(Registrant) Pocahontas Bankshares Corporation
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By: /s/ J. Ronald Hypes
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J. Ronald Hypes, Treasurer
(Principal Accounting and Financial Officer)
Date: January 11, 1999
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Exhibit 99.1
For Immediate Release
January 5, 1999
First Century Bank, N.A. Announces Acquisition
Of Hinton, West Virginia Branch of City National Bank
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Pocahontas Bankshares Corporation (OTCBB-PCHB), a multi-bank holding company
headquartered in Bluefield, West Virginia, announced that on December 23, 1998,
its wholly-owned subsidiary, First Century Bank, N.A. of Bluefield had entered
into an agreement to purchase the Hinton, West Virginia operation of City
National Bank of West Virginia, Charleston, West Virginia.
R. W. "Buz" Wilkinson, President & CEO of First Century Bank, N.A. said, "We are
pleased to be entering Hinton, West Virginia with a full-service facility. We
are committed to providing quality customer service to the people of Summers
County." This acquisition, which is anticipated to close in the second quarter
of 1999, will increase Pocahontas Bankshares' total assets to nearly $360
Million.
Pocahontas Bankshares and its banks (First Century Bank, N.A., a national bank
headquartered in Bluefield, West Virginia and First Century Bank, a Virginia-
state chartered bank headquartered in Wytheville, Virginia) will have ten
banking offices in Mercer, Summers and Wyoming Counties in West Virginia and
Tazewell and Wythe Counties in Virginia.
First Century Bank, N.A. will purchase certain assets and assume certain
liabilities of City National Bank of West Virginia in Hinton, West Virginia.
The total deposits of the Hinton location are about $60 Million.
First Century Bank, N. A. welcomes the new depositors and customers and will do
everything in its ability to make the conversion from City National to First
Century as convenient and transparent as possible. Mr. Wilkinson stated that,
"Pocahontas Bankshares is extremely pleased to have this new facility in Hinton,
West Virginia and we are excited about the acquisition and will welcome the
opportunity to serve our new customers in the Hinton area."
"First Century Bank will celebrate its 108th anniversary this coming Fall with a
long-standing banking tradition of quality service and a strong commitment to
the local market in the trade area of the bank locations in West Virginia and
Virginia. We feel we can offer our customers a full complement of financial
products ranging from basic checking accounts to complex trust arrangements and
everything in between."
