ROANOKE TIMES
Copyright (c) 1996, Roanoke Times
DATE: Friday, May 3, 1996 TAG: 9605030038
SECTION: CURRENT PAGE: NRV-1 EDITION: NEW RIVER VALLEY
DATELINE: BLACKSBURG
SOURCE: ELISSA MILENKY STAFF WRITER
The Bank of Tazewell County officially will merge with the National Bank of Blacksburg's parent company on May 31.
Final regulatory approval for the merger came on April 24. Last week, the Bank of Tazewell's shareholders put on the final seal of approval when they voted unanimously to affiliate with National Bankshares Inc.
"It will give us the opportunity to provide additional services to our customers due to the fact that they have programs we currently don't offer due to expense and lack of expertise," said R.E. Dodson, Bank of Tazewell County's president and chief executive officer.
For example, Dodson said Tazewell customers will have access to National Bankshares' credit card program and low-interest loans soon after the merger. Other benefits of the merger include combined assets, borrowing power and earnings of the two banks.
Bank officials stress, however, that customers will notice few major outward differences. The 107-year-old Bank of Tazewell County will maintain its identity by keeping its name and staff.
Tazewell shareholders will become shareholders of National Bankshares Inc. and will benefit from any dividends declared by the company after May 31. The Bank of Tazewell County will make its semi-annual dividends to shareholders payable on June 3, a month earlier than usual.
Negotiations on the merger began in January 1995. The banks signed an agreement in August, but had to wait for final regulatory and shareholder approval.
LENGTH: Short : 37 linesby CNB