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F & M NATIONAL CORPORATION AND THE FARMERS AND MERCHANTS BANK OF KEYSER ANNOUNCE AGREEMENT AND PLAN OF MERGER

 F & M NATIONAL CORPORATION AND THE FARMERS AND MERCHANTS BANK
 OF KEYSER ANNOUNCE AGREEMENT AND PLAN OF MERGER
 WINCHESTER, Va., Nov. 20 /PRNewswire/ -- F & M National Corporation (NASDAQ-NMS: FMNT), a bank holding company headquartered in Winchester, and The Farmers and Merchants Bank of Keyser, Keyser, W.Va., have agreed upon a plan of affiliation and merger, subject to the approval of regulatory authorities and the stockholders of The Farmers and Merchants Bank of Keyser.
 The proposed merger will entitle the holders of the issued and outstanding stock of The Farmers and Merchants Bank of Keyser to receive, in a tax-free exchange, shares of F & M National common stock having an aggregate market value of $24.75 for each share of The Farmers and Merchants Bank of Keyser.
 This announcement is being made jointly by Wilbur M. Feltner, president and chairman of the board of F & M National Corporation, and Harlan M. Bell, president and chief executive officer of The Farmers and Merchants Bank of Keyser. Feltner commented, "The Keyser Bank has served its community with distinction since 1911, and we are honored to welcome its stockholders, customers and employees to the F & M organization." Bell added that, "The Keyser board is especially pleased to affiliate with an organization like F & M which has historically placed great importance on serving the local community."
 The Farmers and Merchants Bank of Keyser, with its main office in Keyser and branches in Keyser and Ft. Ashby, reported total assets of $87 million as of Oct. 31, 1991. F & M National Corporation reported total assets of $910 million at the end of the third quarter. F & M, a multi-bank holding company, has five bank affiliates in Virginia and two bank affiliates in West Virginia, with a total of 52 banking offices.
 -0- 11/20/91
 /CONTACT: F. Dixon Whitworth Jr., executive vice president, 703-665-4281, or Alfred B. Whitt, senior vice president/secretary, 703-665-4282, both of F & M National Corporation/
 (FMNT) CO: F & M National Corporation; The Farmers and Merchants Bank of
 Keyser ST: Virginia IN: FIN SU:


DC -- DC013 -- 5336 11/20/91 10:25 EST
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Publication:PR Newswire
Date:Nov 20, 1991
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