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EXHIBIT 99.1
NEWS RELEASE
FOR IMMEDIATE RELEASE: FOR MORE INFORMATION,
JUNE 13, 2000 CONTACT: JOHN M. MENDEZ
AT (540) 326-9000
FIRST COMMUNITY BANCSHARES, INC.
ANNOUNCES MANAGEMENT REORGANIZATION
William P. Stafford, Chairman of the Board of Directors of First
Community Bancshares, Inc., announced yesterday that John M. Mendez succeeds
James L. Harrison, Sr. as President and Chief Executive Officer of First
Community Bancshares, Inc. Mendez has served the Company in various capacities
since 1985 and most recently served as Chief Financial Officer for the
Corporation as well as Vice President-Finance and Chief Administrative Officer
of the Company's wholly-owned subsidiary, First Community Bank, N. A. In
addition to this appointment, the Board of Directors of First Community Bank, N.
A. has appointed Robert L. Buzzo to assume the position of President. Mr. Buzzo,
likewise, has been employed by First Community Bank and its predecessor since
1973. Mr. Buzzo has been serving in his most recent capacity as Chief Executive
Officer of the Bluefield Division of First Community Bank and, in assuming the
position of President of First Community Bank, N. A., will share responsibility
for retail banking operations with E. Stephen Lilly, who has been appointed to
serve as Chief Operating Officer for both First Community Bancshares, Inc. and
First Community Bank, N. A. Chairman Stafford noted that these management
changes will provide a streamlined management team with renewed focus on retail
branch operations.
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Mr. Harrison's employment with both First Community Bancshares, Inc. and First
Community Bank, N. A. terminated on June 11th and the appointments of Mendez,
Buzzo and Lilly are effective immediately. First Community Bancshares Board
member Al Modena indicated his strong endorsement of the new appointments adding
that both Mendez and Buzzo have served the Company well in recent capacities and
are prepared to continue the progress of both First Community Bancshares, Inc.
and the Bank. E. Stephen Lilly also brings to the Company a strong background
and excellent experience with other leading banking corporations.
First Community Bancshares recently released results of its First
Quarter 2000 operations highlighted by net income of $3.7 million and earnings
per common share of $.42 per share. The Company continues to compare quite
favorably with its national peer group with return on average equity of 14.18%.
First Community Bancshares reports total resources of $1.1 billion at the close
of First Quarter 2000.
The Board has also announced its Second Quarter dividend to
stockholders. The dividend, in the amount of $.23 per common share, represents
an increase of 9.5% over the $.21 per share paid in the Second Quarter of 1999
and, when annualized, represents a 5.6% return on the recent market price. The
Second Quarter dividend is payable on June 30, 2000 to stockholders of record on
June 16, 2000.
First Community Bancshares, Inc. is a bank holding company operating
through 31 full-service branches in Virginia, West Virginia and North Carolina.
First Community Bank, N. A. also owns United First Mortgage, Inc. based in
Richmond, Virginia, which operates through 11 offices from Virginia Beach to
Harrisonburg, Virginia. Information regarding the common stock of First
Community Bancshares, Inc. can be found under the symbol "FCBC.OB" and is traded
in the over-the-counter market with daily bid and ask quotations on the NASDAQ
Level III Billboard.
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