VICTORIA, Texas, Jan. 27 /PRNewswire/ -- The Board of Directors of FVNB
Corp. (Nasdaq: FVNB) approved a definitive agreement to acquire Mid-Coast
Savings Bank, SSB. The definitive agreement was entered into on January 27,
2000. The transaction is subject to regulatory approval and is expected to be
finalized at the end of the first quarter 2000. Upon completion of the
transaction, the acquired bank will merge with First Victoria National Bank, a
subsidiary bank of FVNB Corp., and the two Mid-Coast Savings locations in Edna
and Ganado will operate as branches of First Victoria National Bank. Staff
members of the acquired bank will be offered the opportunity to continue
employment with First Victoria National Bank.
Established in 1867, First Victoria National Bank is a leading bank in
South Texas with existing financial relationships in the Edna and Ganado area.
According to David M. Gaddis, President and Chief Executive Officer of FVNB
Corp., the acquisition will enable First Victoria National Bank to better
serve its existing customers in Edna and Ganado as well as position the Bank
to grow its market share within Jackson County and the surrounding area.
Gaddis added, "Mid-Coast Savings Bank has an excellent reputation for
delivering a high level of personal service and First Victoria National Bank
plans to continue that tradition. Additionally, First Victoria National Bank
will offer trust and investment management services, check card services, and
account access via telephone and through internet banking."
"I anticipate our customers will experience a smooth transition into First
Victoria National Bank operations," says B. David Rose, Chairman of the Board
of Mid-Coast Savings Bank. "FVNB not only has a multitude of services
available, but also maintains a philosophy of providing quality customer
service similar to our own."
FVNB Corp. is a multi-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 the Company, the occurrence of which
involve certain risks and uncertainties detailed in the Company's filings with
the Securities Exchange Commission.) Subsidiary Banks, Member FDIC
CONTACT: C. Dee Harkey, Secretary and Principal Accounting Officer of
FVNB Corp., 361-572-6530
SOURCE First Victoria National Bank
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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 and Principal
Accounting Officer of FVNB Corp., 361-572-6530
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