FNB Financial Services Corporation Issues $25 Million Trust Preferred Securities
August 25 2005 - 4:15PM
Business Wire
FNB Financial Services Corporation (NASDAQ:FNBF)("FNB"), parent of
FNB Southeast (the "Bank"), announced that on August 23, 2005 it
completed a private placement of trust preferred securities in the
amount of $25,000,000. These securities have a floating interest
rate of 3 month LIBOR plus 1.46%, which is adjustable quarterly,
and a maturity of 30 years. FNB intends to infuse a substantial
portion of the net proceeds from the sale into the Bank as
additional capital. This will fund the operations and continued
expansion of the Bank and its subsidiaries. FNB may use a portion
of the net proceeds for general corporate purposes, including, but
not limited to, the possible repurchase of shares of its common
stock and acquisitions of, or investments in, bank or permissible
non-bank entities. As of June 30, 2005, FNB's consolidated assets
were $979.4 million, outstanding loans totaled $763.3 million,
deposits were $811.4 million, and shareholders' equity was $73.4
million. FNB Financial Services Corporation is a financial holding
company headquartered in Greensboro, NC 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. Additional information regarding FNB Financial
Services Corporation can be accessed online at
www.fnbsoutheast.com. Information in this press release may contain
"forward-looking statements." These statements involve risks and
uncertainties that could cause actual results to differ materially,
including without limitation, the effects of future economic
conditions, governmental fiscal and monetary policies, legislative
and regulatory changes, the risks of changes in interest rates and
the effects of competition. Additional factors that could cause
actual results to differ materially are discussed in the Company's
recent filings with the Securities and Exchange Commission,
including, but not limited to, its Annual Report on Form 10-K and
its other periodic reports.
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