VICTORIA, Texas, Jan. 20 /PRNewswire/ -- The Board of Directors of First
Victoria National Bank today announced a strategic change designed to build
upon the bank's position as the Victoria area's leading financial services
provider while preparing the bank's parent company, FVNB Corp. (Nasdaq: FVNB),
for additional growth in other Texas markets.
David M. Gaddis, who currently serves as President and Chief Executive
Officer of both First Victoria National Bank and FVNB Corp. will be assuming
full-time responsibilities as President and Chief Executive Officer of FVNB
Corp. The Board is in the process of selecting a prominent executive search
firm with Texas-based experience to assist with the selection of a President
and Chief Executive Officer of the bank. Both internal and external
candidates will be considered.
Gaddis states "This change will be a positive opportunity for all
involved. It will benefit our customers and employees by continuing the
strategy of responsive independent bank management, which has been our
hallmark since 1867. It will benefit FVNB Corp. shareholders by allowing the
company to grow by expanding that independent bank strategy into other Texas
markets through acquisitions and new technology. Local decision making
through experienced local management has been the key to our success for a
significant period of time and has really differentiated us from our
competitors in recent years. That's why it's important to have a full-time,
autonomous local bank president for the Victoria area. Guiding the expansion
of our independent strategy into other markets through other banks is a key
ingredient of our overall company plan and will require my full-time attention
as president of FVNB Corp. I am personally gratified by the confidence the
Board has shown in me by promoting me to this position."
Gaddis will continue to serve as President and Chief Executive Officer of
the bank during the selection process which is expected to be completed in
three to six months.
FVNB Corp. is a muli-bank holding company whose principal operating
subsidiaries are First Victoria National Bank with locations in Victoria, Port
Lavaca, and Taft, Texas, and Citizens Bank of Texas, N.A., with locations in
New Waverly, The Woodlands, and Huntsville, Texas. As of December 31, 1999,
total consolidated assets of the company were approximately $655 million and
consolidated equity capital was approximately $60 million.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act
of 1995: The statements contained in this release which are not historical
facts contain forward looking information with respect to plans, projections
or future performance of FVNB Corp., the occurrence of which involve certain
risks and uncertainties detailed in the FVNB Corp. filings with the Securities
Exchange Commission.
Contact: C. Dee Harkey, Secretary & Principal Accounting Officer of FVNB
Corp., 361-572-6530.
SOURCE FVNB Corp.
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Related links:
http://www.fvnb.com
Company News On-Call:
http://www.prnewswire.com/comp/124759.html or fax,
800-758-5804, ext. 124759
CONTACT:
C. Dee Harkey, Secretary & Principal
Accounting Officer of FVNB Corp., 361-572-6530
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