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Exhibit 99.1
FOR IMMEDIATE RELEASE Contact: Sam Elmore
11-1-00 First Community Bancshares, Inc.
540-326-9000
FIRST COMMUNITY BANCSHARES, INC. ANNOUNCES MERGER WITH
CITIZENS SOUTHERN BANK, INC.
Beckley, W.Va - First Community Bancshares, Inc. announced today that
they have completed the merger of Citizens Southern Bank, Inc., a $65 million
state-chartered bank located in Beckley, West Virginia into First Community
Bank, N.A.
The merger was accomplished through the exchange of 1.74 shares of
First Community Bancshares common stock for each share of Citizens Southern
common stock in a tax-free exchange.
The transition, currently valued at over $6.5 million, is a purchase
transaction and will result in Citizens Southern becoming part of the $1.1
billion First Community Bank, N.A., which currently ranks as the third largest
bank headquartered in the Commonwealth of Virginia.
Samuel L. Elmore, chief executive officer for Citizens Southern, has
been appointed executive vice president - regional director for First
Community's South Central West Virginia region and will assume full
responsibility for retail and business banking services for First Community in
the Beckley area.
"I am very excited about the benefits this merger will bring Citizens
Southern customers," Elmore said. "Affiliation with First Community will
increase our lending options to greatly improve the level of service we are able
to offer customers in the Beckley market and the South Central West Virginia
region."
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"Citizens' rapid growth over the last five years has outpaced growth in
the bank's capital," said Jack H. Allison, chairman of the board of Citizens
Southern. "This transaction provides substantial enhancement to the liquidity of
Citizens Southern stock and makes shareholders immediately eligible to
participate in stockholder dividends as declared by the First Community Board."
First Community Bank now operates from 33 full service locations
throughout the three-state region of Virginia, West Virginia and North Carolina.
West Virginia accounts for the largest portion of First Community Bank's
operations, with banking assets of over $700 million.
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