SPARTANBURG, S.C., Nov. 13, 2009 (GLOBE NEWSWIRE) -- First National Bank of the South announced it climbed to second out of 19 banks and thrifts in Spartanburg County and sustained its position as the largest community bank in the county, based on its deposit market share from the most recent FDIC Summary of Deposits Report, as of June 30, 2009.
First National displaced Wachovia as the number two institution on the list and moved up from third position. According to the report, First National held 11.55 percent of the Spartanburg County deposit market share with $489 million in deposits from three full-service branches, including its corporate headquarters. As of June 30, 2009, a total of 19 banks and thrifts operated 80 full-service branches in the Spartanburg market with a total of $4.2 billion in deposits, an increase of 14 percent over the previous year's total of $3.7 billion. First National Bancshares, Inc., (Nasdaq:FNSC) wholly owns First National Bank of the South, which has 13 full-service branches in six South Carolina counties.
"Not only did we improve in Spartanburg, but we also increased our deposit market share ranking in the Greenville market and maintained consistent rankings throughout the state. To have the second largest share of market deposits in our community bank's home county is a testament to our banking professionals' dedication and the quality of our deposit products," J. Barry Mason, First National's President and CEO, said. "With Spartanburg County's competitive banking market and the challenging economy we have all faced this year, our ranking represents the community's support of First National and our ability to provide quality community banking with a personal touch. We thank our many customers for their continued loyalty to First National Bank of the South."
First National also saw an increase in overall market share in South Carolina. Statewide, the bank is the seventh largest community bank in deposits and improved its ranking to 12th from 13th among all banks, growing total market deposits to $725 million, an increase of $55 million over the previous year. Included in the 2009 report are the new First National branch locations in Lexington and Tega Cay, South Carolina, bringing the bank's total to 13 offices in six South Carolina counties.
About First National Bancshares
First National Bancshares, Inc., (Nasdaq:FNSC) is a $785.8-million asset bank holding company, based in Spartanburg, South Carolina. It provides a wide range of financial services to consumer and commercial customers through its wholly owned banking subsidiary, First National Bank of the South, which has 13 full-service branches in six South Carolina counties. For more information on First National Bank of the South, visit www.fnbwecandothat.com
Certain statements in this news release contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to future plans and expectations, and are thus prospective. Such forward-looking statements include but are not limited to (1) statements regarding potential future economic recovery, (2) statements with respect to First National's plans, objectives, expectations and intentions and other statements that are not historical facts, and (3) other statements identified by words such as "believes," "expects," "anticipates," "estimates," "intends," "plans," "targets," and "projects," as well as similar expressions. Such statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Although we believe that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove to be inaccurate. Therefore, we can give no assurance that the results contemplated in the forward-looking statements will be realized. The inclusion of this forward-looking information should not be construed as a representation by our company or any person that the future events, plans, or expectations contemplated by our company will be achieved.
The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements: (1) competitive pressures among depository and other financial institutions may increase significantly and have an effect on pricing, spending, third-party relationships and revenues; (2) the strength of the United States economy in general and the strength of the local economies in which First National conducts operations may be different than expected resulting in, among other things, a deterioration in the credit quality or a reduced demand for credit, including the resultant effect on the company's loan portfolio and allowance for loan losses; (3) the rate of delinquencies and amounts of charge-offs, the level of allowance for loan loss, the rates of loan growth, or adverse changes in asset quality in First National's loan portfolio, which may result in increased credit risk-related losses and expenses; (4) changes in the U.S. legal and regulatory framework; and (5) adverse conditions in the stock market, the public debt market and other capital markets (including changes in interest rate conditions) could have a negative impact on the company. Additional factors that could cause First National's results to differ materially from those described in the forward-looking statements can be found in First National's reports (such as Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K) filed with the SEC and available at the SEC's Internet site (http://www.sec.gov). All subsequent written and oral forward-looking statements concerning the company or any person acting on its behalf is expressly qualified in its entirety by the cautionary statements above. First National does not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statements are made.