First National Bancshares Files First Quarter 2009 Report

SPARTANBURG, SC – May 13, 2009 – First National Bancshares, Inc., (Nasdaq:FNSC) announced today results for the First Quarter, ended March 31, 2009.

The holding company for First National Bank of the South, based in Spartanburg, SC, posted a loss of $1.36 million, compared to a Fourth Quarter 2008 net loss of $43.0 million that reflected a $28.7 million non-cash accounting charge for goodwill. Total deposits increased to $696.7 million at March 31, 2009, up from $646.8 million as of December 31, 2008, and total assets grew to $830.8 million from $812.7 million since Fourth Quarter 2008.

Actions to increase deposits, trim expenses, and reduce non-performing assets are continuing to take hold at First National Bancshares. We are moving forward cautiously because of today’s troubling atmosphere of economic uncertainty and sector deficiencies in the banking industry, First National Bancshares President and CEO Jerry Calvert said. Since year-end 2008, there has been a $140 million increase in liquid assets and month-by-month improvements in interest margins. Operating expenses this year have decreased in key areas, and non-performing assets have declined by $1.6 million.

First National looks forward to the May opening of its 13th branch in the Fort Mill/Tega Cay community of York County. First National has 12 branches, strategically located in high-growth South Carolina regions. Every First National depositor is insured by the FDIC by up to $250,000.

As we advance into 2009, management is committed to continuous improvements at First National Bancshares, ones we believe will occur with time, economic recovery, additional capital, and the bank’s resilience in handling non-performing assets, Calvert said. In 2009, First National is adequately capitalized, and we look forward to serving our consumer and business customer needs.

First National Bancshares’ 10-Q filing, with full financial tables, can be reviewed at the U.S. Securities and Exchange site, www.sec.gov.

About First National Bancshares

First National Bancshares, Inc., (Nasdaq:FNSC) is an $830.8-million asset bank holding company, based in Spartanburg, South Carolina. It provides a wide range of financial services to consumer and commercial customers through its wholly owned banking subsidiary, First National Bank of the South, which has 12 full-service branches in five South Carolina counties. A 13th office is expected to open its doors in the Fort Mill/Tega Cay community of York County in the second quarter of 2009.

First National’s wholesale mortgage lending division provides services to community banks and mortgage brokers across the Southeast from its office in Greenville. First National Bancshares was incorporated in 1999 to conduct general banking business through its wholly owned bank subsidiary, First National Bank of the South. Additional information about First National is available online at www.fnbwecandothat.com.