EX-99.1
2
ex99-1.htm
EXHIBIT 99.1
ex99-1.htm
Exhibit
99.1
For
Immediate Release
For
additional information contact:
Michael
W. Shelton, Chief Financial Officer
Phone: 336-369-0900
FNB
Southeast Completes Sale of
Southwest
Virginia Offices
GREENSBORO,
N.C. - (BUSINESS WIRE) July 3, 2007 - FNB Southeast, a subsidiary of FNB
Financial Services Corporation (NASDAQ: FNBF), announced today that it completed
the previously announced transaction to sell its Norton and Pennington Gap,
Virginia, banking offices, to New Peoples Bank on June 29, 2007
Under
the
terms of the agreement, FNB received a premium on the outstanding deposits
on
the effective date of the transaction, plus the net book value of qualifying
loans, and certain other amounts for the real and personal property of the
branches from New Peoples Bank. FNB anticipates a net gain on the transaction
of
approximately $5.0 million.
FNB
Financial Services Corporation is a bank holding company with one subsidiary,
FNB Southeast; a North Carolina chartered commercial bank. FNB Southeast
currently operates 17 banking offices located in North Carolina and Virginia.
FNB Southeast Mortgage Corporation and FNB Southeast Investment Services, Inc.
are operating subsidiaries of FNB Southeast.
Forward
Looking Statements
This
news release may contain forward looking statements with respect to the
financial conditions and results of operations of FNB Financial Services
Corporation ("FNB"). These forward looking statements involve certain
risks and uncertainties. Factors that may cause actual results to
differ materially from those contemplated by such forward looking statements
include, among others, the following possibilities: (1) projected
results in connection with the implementation of our business plan are lower
than expected; (2) competitive pressure among financial services companies
increases significantly; (3) costs or difficulties related to the integration
of
acquisitions or expenses in general are greater than expected; (4) general
economic conditions, in the markets in which FNB does business, are less
favorable than expected; (5) risks inherent in making loans, including repayment
risks and risks associated with collateral values, are greater than expected;
(6) changes in the interest rate environment reduce interest margins and affect
funding sources; (7) changes in market rates and prices may adversely affect
the
value of financial products; (8) legislation or regulatory requirements or
changes thereto adversely affect the businesses in which FNB is engaged; (9)
regulatory compliance cost increases are greater than expected; and (10)
decisions to change the business mix of FNB. For further information
and other factors which could affect the accuracy of forward looking statements,
please see FNB's reports filed with the Securities and Exchange Commission
("SEC") pursuant to the Securities Exchange Act of 1934 which are available at
the SEC's website (
www.sec.gov
) or at FNB's website
(
www.fnbsoutheast.com
). Readers are cautioned not to place
undue reliance on these forward looking statements, which reflect management's
judgments only as of the date hereof. FNB undertakes no obligation to
publicly revise those forward looking statements to reflect events and
circumstances that arise after the date hereof.
6

EX - 99 . 1 2 ex99 - 1 . htm EXHIBIT 99 . 1 ex99 - 1 . htm Exhibit 99 . 1 For Immediate Release For additional information contact : Michael W . Shelton , Chief Financial Officer Phone : 336 - 369 - 0900 FNB Southeast Completes Sale of Southwest Virginia Offices GREENSBORO , N . C . - ( BUSINESS WIRE ) July 3 , 2007 - FNB Southeast , a subsidiary of FNB Financial Services Corporation ( NASDAQ : FNBF ) , announced today that it completed the previously announced transaction to sell its Norton and Pennington Gap , Virginia , banking offices , to New Peoples Bank on June 29 , 2007 Under the terms of the agreement , FNB received a premium on the outstanding deposits on the effective date of the transaction , plus the net book value of qualifying loans , and certain other amounts for the real and personal property of the branches from New Peoples Bank . FNB anticipates a net gain on the transaction of approximately $ 5.0 million . FNB Financial Services Corporation is a bank holding company with one subsidiary , FNB Southeast ; a North Carolina chartered commercial bank . FNB Southeast currently operates 17 banking offices located in North Carolina and Virginia . FNB Southeast Mortgage Corporation and FNB Southeast Investment Services , Inc . are operating subsidiaries of FNB Southeast . Forward Looking Statements This news release may contain forward looking statements with respect to the financial conditions and results of operations of FNB Financial Services Corporation ( " FNB " ) . These forward looking statements involve certain risks and uncertainties . Factors that may cause actual results to differ materially from those contemplated by such forward looking statements include , among others , the following possibilities : ( 1 ) projected results in connection with the implementation of our business plan are lower than expected ; ( 2 ) competitive pressure among financial services companies increases significantly ; ( 3 ) costs or difficulties related to the integration of acquisitions or expenses in general are greater than expected ; ( 4 ) general economic conditions , in the markets in which FNB does business , are less favorable than expected ; ( 5 ) risks inherent in making loans , including repayment risks and risks associated with collateral values , are greater than expected ; ( 6 ) changes in the interest rate environment reduce interest margins and affect funding sources ; ( 7 ) changes in market rates and prices may adversely affect the value of financial products ; ( 8 ) legislation or regulatory requirements or changes thereto adversely affect the businesses in which FNB is engaged ; ( 9 ) regulatory compliance cost increases are greater than expected ; and ( 10 ) decisions to change the business mix of FNB . For further information and other factors which could affect the accuracy of forward looking statements , please see FNB 's reports filed with the Securities and Exchange Commission ( " SEC " ) pursuant to the Securities Exchange Act of 1934 which are available at the SEC 's website ( www.sec.gov ) or at FNB 's website ( www.fnbsoutheast.com ) . Readers are cautioned not to place undue reliance on these forward looking statements , which reflect management 's judgments only as of the date hereof . FNB undertakes no obligation to publicly revise those forward looking statements to reflect events and circumstances that arise after the date hereof . 6