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Exhibit 99.1
For Immediate Release
November 10, 2000
First Century Bankshares, Inc.
Reports Third Quarter Earnings
And Issues Fourth Quarter Warning
Bluefield, WV - First Century Bankshares, Inc. Bluefield, West Virginia,
(OTCBB - FCBS) a $378 million bank holding company, announced record earnings of
$2,804,000 for the nine month period ending September 30, 2000. This represents
an 11.4 percent increase over the $2,516,000 earned during the same period in
1999. On a per share basis, net income increased to $1.40 from $1.26. Earnings
through September 30, 2000 reflect a return on average assets (ROAA) of 1.01
percent, and a return on average equity (ROAE) of 12.63 percent.
Third quarter earnings contributing to the annualized performance of the
Corporation were $979,000, or $0.49 per share. These earnings increased 6.6
percent from the $918,000, or $0.46 per share earned during the third quarter in
1999. This was also an increase of 12.3% over the earnings of $872,000, or
$0.44 per share, earned in the second quarter of 2000.
Dividends for the third quarter of 2000 were $0.20 per share, bringing the
total dividend for 2000 to $0.60 per share.
Subsequent to quarter end, but prior to the release of these earnings, the
Corporation became aware of a defalcation involving one of the Corporation's
customers. If not satisfactorily resolved, this event could have a significant
effect on the Corporation's earnings as early as the fourth quarter and for the
year ended December 31, 2000. As of the date of this release, the estimate of
the maximum potential pretax exposure to the Corporation could range from
$500,000 to $900,000, and would be reflected as additional noninterest expense.
If necessary, the Corporation will vigorously pursue all of its legal and
factual defenses in consultation with legal counsel.
First Century Bankshares, Inc. is a bank holding company, that owns First
Century Bank, N.A., headquartered in Bluefield, West Virginia, with 10 offices
and 14 ATM locations throughout southern West Virginia and southwestern
Virginia.
This press release contains certain forward-looking statements, including
certain plans, expectations, goals and projections, which are subject to
numerous assumptions, risks and uncertainties. Actual results could differ
materially from those contained in or implied by such statements for a variety
of factors including: changes in economic conditions; movements in interest
rates; competitive pressures on product pricing and services; success and timing
of business strategies; the nature and extent of governmental actions and
reforms; and rapidly changing technology and evolving banking industry
standards.
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