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EXHIBIT 99
FOR IMMEDIATE RELEASE
CONTACT: ERNEST J. SEWELL, PRESIDENT/CEO
PHONE: 336-342-3346
FAX: 336-634-4771
DATE: DECEMBER 22, 2000
FNB FINANCIAL SERVICES CORPORATION
ANNOUNCES INCREASED PROVISION
Reidsville, NC ----- FNB Financial Services Corporation (NASDAQ/NMS:FNBF),
parent company of FNB Southeast, announced today that it plans to take a
provision for loan losses expense totaling approximately $1.2 million in the
fourth quarter of 2000. The move is being taken to increase the Bank's allowance
for loan losses to approximately 1.25% of outstanding loans.
President and CEO, Ernest J. Sewell stated "As a part of our continuing
evaluation of our loan portfolio, we have considered the impact of the slowing
economy and are taking steps to shore up for potential declines. Although this
provision will have a significant impact upon our fourth quarter earnings, we
believe this is the correct step to prudently position the Bank."
Additionally, the Company expects to record higher noninterest expense in the
fourth quarter due to various one-time period expenses incurred in the merger of
its two subsidiary banks.
FNB Financial Services Corporation is a North Carolina bank holding company. The
Company's subsidiary, FNB Southeast, is a North Carolina chartered commercial
bank that currently operates 18 banking offices in North Carolina and Virginia.
The bank is community oriented, characterized by local affiliations and
personalized services, while at the same time providing customers with the
financial sophistication and breadth of products usually associated with much
larger regional banks.
