Attached files
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| EX-99.1 - FIRST NATIONAL BANCSHARES INC /SC/ | v191053_ex99-1.htm |
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UNITED
STATES
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SECURITIES
AND EXCHANGE COMMISSION
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WASHINGTON,
DC 20549
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FORM
8-K
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CURRENT
REPORT PURSUANT
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TO
SECTION 13 OR 15(D) OF THE
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SECURITIES
EXCHANGE ACT OF 1934
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Date
of report (Date of earliest event reported)
July 16, 2010
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First National Bancshares,
Inc.
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(Exact
name of registrant as specified in its charter)
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South Carolina
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(State
or other jurisdiction of incorporation)
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000-30523
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58-2466370
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(Commission
File Number)
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(IRS
Employer Identification No.)
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215 North Pine Street, Spartanburg,
S.C.
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29302
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(Address
of principal executive offices)
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(Zip
Code)
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(864) 948-9001
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(Registrant's
telephone number, including area code)
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Not Applicable
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(Former
name or former address, if changed since last report)
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Check
the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing
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obligation
of the registrant under any of the following provisions (see General
Instruction A.2. below):
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o Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
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o Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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o Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17CFR
240.14d-2(b))
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o Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
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Item 1.03
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Bankruptcy
or Receivership.
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On July
16, 2010, the Office of the Comptroller of the Currency (the “OCC”) closed First
National Bank of the South (the “Bank”), which is a wholly owned national
banking association subsidiary of First National Bancshares, Inc. (the
“Company”), and the Federal Deposit Insurance Corporation (“FDIC”) was named as
the receiver of the Bank.
In
connection with the closure of the Bank, the FDIC issued a press release, dated
July 16, 2010, announcing the following:
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The FDIC entered into a purchase and assumption agreement with the NAFH
National Bank of Miami, Florida to assume all of the deposits of the
Bank. Accordingly, all depositors of the Bank, including those with
deposits in excess of the FDIC’s insurance limits, will automatically
become depositors of NAFH National Bank for the full amount of
their deposits, and they will continue to have uninterrupted access to the
Bank’s deposits. Depositors will continue to be insured with NAFH
National Bank, so there is no need for customers to change their banking
relationship to retain their deposit
insurance.
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On Monday, July 19, 2010, the offices of the Bank opened for business as
branches of NAFH National Bank, which will do business under the trade
name of “First National Bank of the
South.”
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In addition to assuming all of the deposits of the Bank, NAFH National
Bank will purchase essentially all of the Bank’s assets pursuant to a
loss-share transaction of approximately $512.4 million of the Bank’s
assets. The loss-share transaction provides for NAFH National
Bank and the FDIC to share in the losses on the assets covered under this
agreement.
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Customers who have questions about the foregoing matters, or who would
like more information about the closure of the Bank, can visit the FDIC’s
web site located at
http://www.fdic.gov/bank/individual/failed/firstnatlsc.html, or call the
FDIC toll-free at
(800) 405-8028.
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A
complete copy of the FDIC’s press release can be found on the Internet at
http://www.fdic.gov/bank/individual/failed/firstnatlsc.html.
In
addition, on July 20, 2010, the Company issued a press release describing the
events of July 16, 2010.
Item 9.01 Financial
Statements and Exhibits.
(d)
Exhibits
99.1 Press Release
issued July 20, 2010.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
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FIRST
NATIONAL BANCSHARES, INC.
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By:
/s/ C. Dan
Adams
Name C.
Dan Adams
Title:
Chairman
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Dated: July
20, 2010
Exhibits
99.1 Press
Release issued July 20, 2010.