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FIRST NATIONAL BANCSHARES
EXTENDS NEXITY ARRANGEMENT
SPARTANBURG,
SC, April 1, 2010 – First National Bancshares, Inc., (NASDAQ: FNSC), today
announced it has extended its current financial arrangement with Nexity Bank.
First National agreed on March 26, 2010 to the extension of its loan
modification and settlement agreement with Birmingham, AL-based Nexity,
initially signed December 30, 2009.
Though
the loan’s outstanding principal balance is $9,640,917, the amended settlement
agreement extends First National’s ability to pay a discounted sum of $3,500,000
plus accumulated 2010 interest in full satisfaction of the loan. First
National is in full compliance with all the provisions of the loan agreement
with Nexity. Both banks now await final regulatory approval of their amended
settlement agreement.
Pursuant
to the terms of the amended agreement, First National paid Nexity $147,827 on
March 26, 2010, to satisfy interest for the quarter ended December 31,
2009.
As part
of its strategy, First National continues to work diligently on its goal to
improve its capital ratios, and the amended settlement agreement with Nexity
loan relates to this activity.
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About First National
Bancshares
First
National Bancshares, Inc., (NASDAQ: FNSC) is a $717.7 million asset bank holding
company, based in Spartanburg, South Carolina. First National Bancshares was
incorporated in 1999 to conduct general banking business. Additional information
about First National is available online at www.fnbwecandothat.com.