State National Bancshares, Inc. Declares Third Quarter Cash Dividend
August 17 2006 - 4:00PM
PR Newswire (US)
FORT WORTH, Texas, Aug. 17 /PRNewswire-FirstCall/ -- State National
Bancshares, Inc. (NASDAQ:SNBI) today announced that its board of
directors has declared a third quarter cash dividend of $0.10 per
share on the Company's common stock. The dividend will be payable
on September 8, 2006 to all shareholders of record at the close of
business on August 28, 2006. State National Bancshares is a bank
holding company, headquartered in Fort Worth, Texas, offering a
broad range of financial products and services primarily through
its main subsidiary, State National Bank, a national banking
association. State National Bank operates through a network of 43
banking centers located throughout Texas and Southern New Mexico.
State National Bank's lending services include real estate,
mortgage, consumer and commercial loans to small to medium-sized
businesses. State National Bank's lending operations are
complemented with an array of retail and commercial deposit
products. State National Bank also offers trust and wealth
management services such as life insurance and securities products.
On June 12, 2006, SNBI entered into a definitive agreement with
Banco Bilbao Vizcaya Argentaria, S.A., a bank organized under the
laws of Spain, ("BBVA") (MADRID: BBVA) pursuant to which BBVA has
agreed to acquire SNBI for approximately $480 million in cash to be
financed through BBVA's internal resources. Under the terms of the
agreement, BBVA will pay approximately $480 million in cash (or
$38.50 on a per share basis) in exchange for all of SNBI's
outstanding common stock and options. The merger has been approved
by the board of directors of SNBI and the appropriate corporate
body of BBVA. The acquisition is subject to customary conditions,
including the approval of the shareholders of SNBI as well as bank
regulatory authorities in the United States and Spain. Additional
information regarding the merger is provided in the Form 8-K filed
by SNBI with the SEC on June 16, 2006 and the preliminary proxy
statement on Schedule 14A filed with SEC on July 25, 2006.
FORWARD-LOOKING STATEMENTS This press release contains certain
forward-looking information about SNBI that is intended to be
covered by the safe harbor for "forward-looking statements"
provided by the Private Securities Litigation Reform Act of 1995.
All statements other than statements of historical fact are
forward-looking statements. Such statements involve inherent risks
and uncertainties, many of which are difficult to predict and are
generally beyond the control of SNBI. SNBI cautions readers that a
number of important factors could cause actual results to differ
materially from those expressed in, implied or projected by, such
forward-looking statements. Risks and uncertainties include, but
are not limited to: the possibility that personnel changes will not
proceed as planned; planned acquisitions and related cost savings
cannot be realized or realized within the expected time frame;
costs and uncertainties related to the outcome of pending
litigation; revenues are lower than expected; competitive pressure
among depository institutions increases significantly; the
integration of acquired businesses costs more, takes longer or is
less successful than expected; the cost of additional capital is
more than expected; a change in the interest rate environment
reduces interest margins; general economic conditions, either
nationally or in the market areas in which SNBI operates, are less
favorable than expected; legislative or regulatory requirements or
changes that adversely affect SNBI's business or regulatory capital
requirements, or that alter the regulatory capital treatment of the
SNBI's trust preferred securities; changes in the securities
markets and other risks that are described in SNBI's public filings
with the U.S. Securities and Exchange Commission. If any of these
risks or uncertainties materializes or if any of the assumptions
underlying such forward-looking statements proves to be incorrect,
SNBI's results could differ materially from those expressed in,
implied or projected by such forward-looking statements. SNBI
assumes no obligation to update such forward-looking statements.
DATASOURCE: State National Bancshares, Inc. CONTACT: Don Cosby of
State National Bancshares, Inc., +1-817-547-1152 Web site:
http://www.statenationalbank.com/
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