First National Continues Stock Repurchase PlanJuly 9, 2008
SPARTANBURG, SC – July 9, 2008 – First National Bancshares, Inc. (Nasdaq: FNSC), parent company of First National Bank of the South, today announced the results of its current stock repurchase program.
As of June 30, 2008, First National has repurchased 92,981 shares under the program at a weighted average price of $11.07 per share. The Board of Directors previously authorized the repurchase of up to 107,000 shares of First National common stock leaving up to 14,019 shares available for repurchase under the program.
Jerry L. Calvert, President, CEO and Vice Chairman, stated, We see the stock repurchase program as an excellent way to continue to build value for our shareholders, as well as giving us an additional opportunity to effectively manage our capital. We believe that the purchase of shares of First National common stock continues to be an attractive investment for our company and for our shareholders, especially at recent trading prices.
Under the terms of the stock repurchase program, First National may repurchase its issued and outstanding common stock in open-market transactions on the NASDAQ Global Market. The program is structured to conform to the safe harbor provisions of Securities and Exchange Commission (SEC) Rule 10b-18. SEC Rule 10b-18 contains certain restrictions related to the manner, price, timing and volume of repurchases, among other conditions. First National is funding repurchases made under the program from available working capital.
The repurchase of shares by First National under the program is at management’s discretion after consideration of factors such as the market price of the stock, the nature of other investment opportunities or growth projects, available cash flows from operations, general economic conditions and other factors deemed appropriate. The program does not obligate First National to acquire any specific number of shares and may be modified, suspended, extended, or terminated for any reason at any time without prior notice.
All per share prices and number of shares reflect the 7% stock dividend distributed on March 30, 2007.
First National Bancshares, Inc. is an $848-million asset bank holding company based in Spartanburg, South Carolina. Its common stock is traded on the NASDAQ Global Market under the symbol FNSC. It was incorporated in 1999 to conduct general banking business through its wholly-owned bank subsidiary, First National Bank of the South.