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FIRST CITIZENS BANCORP AND FIRST NATIONAL BANCORP SIGN AGREEMENT

 FIRST CITIZENS BANCORP AND FIRST NATIONAL BANCORP SIGN AGREEMENT
 GAINESVILLE, Ga., June 19 /PRNewswire/ -- First Citizens Bancorp of Cherokee County, Inc., has signed a definitive agreement to merge with First National Bancorp of Gainesville, Ga. (NASDAQ: FBAC), according to an announcement by First Citizens Bancorp's Chairman and CEO A. Roy Roberts Jr.
 The Agreement of Reorganization and Plan of Merger follows the signing of a letter of intent by both companies on May 19, and sets forth the terms of the transaction, which were not announced, and the commitment of both parties. The merger is subject to ratification by First Citizens Bancorp's stockholders and approval by various regulatory authorities. First Citizens Bancorp is the parent company of the $74 million-asset Citizens Bank of Ball Ground, with four locations in Cherokee County, Ga.
 Roberts emphasized that there would be no change in the management or staff of the bank, and the bank would continue to be locally and autonomously operated as Citizens Bank under the leadership of the current board of directors.
 First National Bancorp is a $1.8 billion-asset holding company with 12 affiliate banks across north Georgia.
 -0- 6/19/92 R
 /CONTACT: Investors: Peter D. Miller, 404-535-5566; Media: W. Michael Banks, 404-535-5557, both of First National Bancorp/
 (FBAC) CO: First National Bancorp; First Citizens Bancorp of Cherokee County,
 Inc. ST: Georgia IN: FIN SU: TNM


BN-EA -- AT002 -- 1935 06/19/92 12:53 EDT
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Publication:PR Newswire
Date:Jun 19, 1992
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