VICTORIA, Texas, Sept. 14 /PRNewswire/ -- The Board of Directors of FVNB
Corp. (Nasdaq: FVNB) announced a letter of intent has been signed to acquire
Mid-Coast Savings Bank, SSB headquartered in Edna, Texas. The transaction is
expected to close late in the first quarter of year 2000 and is subject to
regulatory approval. Upon completion of the transaction, the acquired bank
will merge with First Victoria National Bank, subsidiary bank of FVNB Corp.
and its two locations in Edna and Ganado will operate as branches of First
Victoria National Bank. Headquartered in Victoria, Texas, First Victoria
National Bank currently has branch locations in Victoria, Port Lavaca, and
Taft, Texas.
According to David M. Gaddis, President and CEO of FVNB Corp., the
existing staff members of the acquired bank will be retained and become staff
members of First Victoria National Bank. Gaddis added, "We believe this is a
positive move for FVNB Corp., Mid-Coast Savings Bank, and the citizens of
Jackson County. Mid-Coast Savings has built an excellent reputation for
delivering a high level of personal customer service and First Victoria
National Bank plans to continue that tradition while offering additional
products and services to area residents." Gaddis said that First Victoria
National Bank will offer trust and investment management services, internet
home banking, the MasterMoney check card, and account access via telephone to
Jackson County residents. The acquisition will enable the bank to more
conveniently serve the financial needs of farmers, ranchers and agri-
businesses of Jackson County, many of whom are customers of First Victoria
National Bank currently, as well as serve the financial needs of all residents
of the area.
FVNB Corp. and Mid-Coast Savings Bank reported total assets of
approximately $611 million and $42 million at June 30, 1999, respectively.
FVNB Corp. is the parent company of Citizens Bank of Texas, N.A. and CBOT
Mortgage Company in addition to First Victoria National Bank.
("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. and its subsidiaries, the
occurrence of which involve certain risks and uncertainties detailed in the
FVNB Corp. filings with the Securities Exchange Commission.)
Subsidiary Banks, Member FDIC
For Further Information: C. Dee Harkey, Executive Vice President & COO,
First Victoria National Bank, 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, Executive Vice President & COO
of First Victoria National Bank, 361-572-6530
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