VICTORIA, Texas, May 14 /PRNewswire/ -- It was announced today that the
shareholders of First Victoria National Bank (Nasdaq: FVNB) voted in favor of
a plan to form a holding company. According to Michael S. Anderson, Chairman
of the Board, and David M. Gaddis, President and Chief Executive Officer, as a
result of the reorganization, First Victoria National Bank will become a
wholly-owned subsidiary of a newly formed Texas business corporation, FVNB
Corp., and shareholders of First Victoria National Bank will become
shareholders of FVNB Corp. The transaction is pending regulatory approval and
is anticipated to be completed in the third quarter of 1998.
"First Victoria National Bank has been successful in its efforts to grow
assets through strong business development efforts and branching activities,"
said President and Chief Executive Officer David M. Gaddis. "Forming the
holding company is another strategy we will use to meet our goal of increasing
value for our shareholders by positioning ourselves for continued growth and
profitability in other Texas markets." The Bank's main office is in Victoria,
Texas with branch offices located in Victoria, Port Lavaca, and Taft.
Established in 1867, First Victoria National Bank is the second oldest
independent bank in Texas. At March 31, 1998 the Bank had approximately $514
million in total assets.
"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 Bank, the occurrence of which involve certain
risks and uncertainties detailed in the Bank's filings with the Office of the
Comptroller of the Currency.
SOURCE First Victoria National Bank
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Related links:
http://www.fvnb.com
Company News On-Call: http://www.prnewswire.com or
fax, 800-758-5804, ext. 124759
CONTACT:
Beverly Kahanek, Vice President & Marketing
Officer of First Victoria National Bank, 512-572-6555
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