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One Valley Joins With FDIC to Dismiss Suit

CHARLESTON, W. Va., Nov. 22 /PRNewswire/ -- One Valley Bank, National Association, the flagship bank of One Valley Bancorp, Inc. (Nasdaq: OVWV) announced today it is joining with the Federal Deposit Insurance Corporation (FDIC) to dismiss the litigation regarding the proper assessment for Oakar deposits.

The dismissal relates to the recent enactment of federal legislation, which substantially reduces the assessment rates on One Valley's Oakar deposits.

J. Holmes Morrison, Chairman of One Valley Bank, N.A. said, "The recent federal deposit insurance legislation both served a vital public policy and significantly reduced an unfair burden placed on One Valley and other Oakar institutions. Because we believe that the enactment of this legislation was largely the result of the efforts, tenacity and foresight of the FDIC, we thought that it was appropriate to dismiss our pending litigation."

One Valley Bancorp, a $4.2 billion bank holding company, has twelve affiliate banks with 79 locations in West Virginia and 10 in Virginia.

SOURCE One Valley Bancorp
 -0- 11/22/96


/CONTACT: Lloyd P. Calvert, Sr. Vice President of One Valley Bank, 304-348-7207/

(OVWV)

CO: One Valley Bancorp; One Valley Bank, National Association; Federal

Deposit Insurance Corporation ST: West Virginia IN: FIN SU:

LB -- PHF038 -- 5995 11/22/96 16:55 EST http://www.prnewswire.com
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Publication:PR Newswire
Date:Nov 22, 1996
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