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| First National Bank Shareholders Approve Merger By Slim Margin |
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| Written by David Grimes | |
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Some came out smiling, while others exited crying and had looks of disgust on their faces, as the controversial proposed merger between First National Bank and Virginia Financial Group barely passed late this afternoon.
Shortly after 5 p.m., bank officials and shareholders started filing out of The Event Centre, a few looked happy, while the majority were disappointed and disgusted.
According to a FNB shareholder, the merger passed by a margin of 50.27 percent.
On Tuesday, shareholders for the Culpeper-based Virginia Financial Group met in Charlottesville and gave their approval.
Support from holders of a majority of each bank’s stock is required to consummate the merger.
“They cheated,” said one lady who would not give us her name. “The voting was supposed to end yesterday [Tuesday] and they were still allowing people to vote today. That is not fair and that is not right.”
Most of the people we talked to outside the Event Centre, were against the proposed merger.
“I heard it was an extremely close vote,” said Joan Munford, a former delegate in the House of Delegates from the area and a FNB shareholder. “It was so closed that it might be contested down the road.”
Munford, said she spoke against the merger on Tuesday and they appeared to be scrambling for votes.
“I thought the votes were suppose to be over by a certain time yesterday [Tuesday], added Munford. “I have heard from others that some voting had happen after that.” The former delegate went on to say, “I don’t think the merger is a good thing for the community and for the shareholders.” The bank [FNB] as we know it today, will not be here in the future.”
Munford added that according to the merger, the new CEO, COO, and CFO will come from Virginia Financial. “Important decisions are going to be made elsewhere and not here locally.”
Munford also the same bank employees you see every day will not be there, as 30 or more employees will become unemployed.
Attempts to get comments from FNB and Virginia Financial Group executives after the meeting were unsuccessful.
See the FNB Official Release in the EverythingNRV.com business section or by clicking here.
Additional Information About the Merger and Where to Find It
In connection with the proposed merger, VFG filed with the SEC a registration statement on Form S-4 containing a joint proxy statement/prospectus. The Form S-4 was declared effective by the SEC on December 28, 2007, and the definitive joint proxy statement/prospectus was first mailed to shareholders of VFG and FNB on or about January 3, 2008. FNB and VFG urge investors and other shareholders to read the joint proxy statement/prospectus and any other relevant documents filed by either party with the SEC because they contain important information about the companies and the proposed transaction.
Investors and shareholders may obtain free copies of the joint proxy statement/prospectus and other documents filed with the SEC by FNB and VFG through the website maintained by the SEC at http://www.sec.gov. Free copies of these documents also may be obtained by directing a request to FNB Corporation, 105 Arbor Drive, P.O. Box 600, Christiansburg, Virginia 24068, Attention: Investor Relations (telephone: (540) 382-6042) or by accessing FNB's website at http://www.fnbonline.com under "Investor Relations/SEC Filings."
FNB and its directors, certain of its executive officers, and the members of FNB Shareholders for Progress are participants in the solicitation of proxies from the shareholders of FNB in connection with the merger. Information about the directors and executive officers of FNB is set forth in the proxy statement for FNB's 2007 annual meeting of shareholders filed with the SEC on March 30, 2007. Information about the members of FNB Shareholders for Progress is contained in Annex F to the joint proxy statement/prospectus. Additional information regarding these participants in the proxy solicitation and their direct and indirect interests, by security holdings or otherwise, is contained in the joint proxy statement/prospectus and other relevant materials filed with the SEC.
The $240 million plan was proposed last year by executives with FNB and the Virginia Financial Group.
Photos by David Grimes
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Comments (2)
  written by Antonio, February 13, 2008
I too bank at FNB and I was against the merger. Not only will people lose their jobs, but there will be no more local decisions made. I hate to say it, but I wouldn't be surprise that in the future that there will be just 1 bank in America and everyone will have to bank there. The day's of our community "hometown" banks are over.
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