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F&M NATIONAL CORPORATION AND FIRST NATIONAL BANKSHARES, INC., OF EMPORIA, VA., ANNOUNCE AGREEMENT OF AFFILIATION

 WINCHESTER, Va., Jan. 25 /PRNewswire/ -- In a joint statement today, W.M. Feltner, chairman of the board and chief executive officer of F&M National Corporation (NASDAQ-NMS: FMNT) in Winchester, and O. Wayne Hanks, president and chief executive officer of First National Bankshares, Inc., of Emporia, Va., announced that the two financial institutions have entered into negotiations and have agreed in principle to a Plan of Affiliation, subject to the approval of regulatory authorities and the stockholders of First National Bankshares, Inc.
 While the announcement of the two banking institutions did not disclose the details of the proposed merger agreement, it is anticipated that the definitive agreement will involve a tax-free exchange of shares between the Winchester corporation and First National Bankshares, Inc.
 The First National Bank has its main office and two branches in Emporia. As of Dec. 31, 1992, the First National Bank had total assets of $66.1 million.
 F&M National Corporation, a multi-bank holding company headquartered in Winchester, reported total assets of $1.091 billion at Dec. 31, 1992. F&M has five banking affiliates in West Virginia, with a total of 53 banking offices.
 -0- 1/25/93
 /CONTACT: Jack R. Huyett, president/chief administrative officer, 703-665-4379, or Alfred B. Whitt, senior vice president/secretary, 703-665-4282, both of F&M National Corporation/
 (FMNT)


CO: F&M National Corporation; First National Bankshares, Inc. ST: Virginia IN: FIN SU:

MH -- DC006 -- 8336 01/25/93 09:54 EST
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Publication:PR Newswire
Date:Jan 25, 1993
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