Printer Friendly

SHAREHOLDERS OF OMNI CAPITAL GROUP, INC. AND FIRST SECURITY FINANCIAL CORPORATION APPROVE COMBINATION

 SHAREHOLDERS OF OMNI CAPITAL GROUP, INC.
 AND FIRST SECURITY FINANCIAL CORPORATION APPROVE COMBINATION
 SALISBURY, N.C., June 17 /PRNewswire/ -- Omni Capital Group, Inc. (NASDAQ-NMS: OCGI) and First Security Financial Corporation (NASDAQ-NMS: FSFC), each headquartered in Salisbury, North Carolina, jointly announced today that the shareholders of the respective corporations have voted to approve a combination of the two companies pursuant to an Agreement of Combination by and between Omni Capital Group, Inc. (OMNI) and First Security Financial Corporation (FSFC) dated Feb. 14, 1992. The combined corporation will operate under the name "Security Capital Bancorp" (NASDAQ: SCBC upon consummation) and, based upon financial data for the individual corporations as of March 31, 1992, will have total assets of approximately $925 million and total stockholders' equity of approximately $112 million. Security Capital Bancorp will maintain its headquarters in Salisbury, North Carolina.
 The combination of OMNI and FSFC remains subject to the receipt of approvals from applicable federal thrift and banking regulators and certain other customary conditions. The companies anticipate that the proposed combination will occur on or about June 30, 1992.
 Dave B. Jordan, President and CEO of OMNI, stated that "we are looking forward to making this combination successful. Our capital strength and experienced personnel give us the tools for continued excellence. We look forward to the challenge."
 Lloyd G. Gurley, President and CEO of FSFC, remarked that "the combination of OMNI and FSFC is a great opportunity to expand the range of services provided to our customers and to enhance the value of our combined shareholders' investments. We are enthusiastic about the prospects of Security Capital Bancorp, which with its strong capitalization and asset size will offer its customers and shareholders a sound and viable alternative to the mega banks in the marketplace."
 As of March 31, 1992, OMNI had total assets of approximately $557 million, total shareholders' equity of approximately $63.4 million and operated 11 offices in 7 communities located in the south central and western Piedmont regions of North Carolina. As of the same date, FSFC had total assets of approximately $367 million and total shareholders' equity of approximately $48.3 million and operated 36 banking offices in 21 communities located in a ten county area of south central North Carolina. Market prices for the outstanding shares of OMNI and FSFC are quoted on the NASDAQ National Market System.
 -0- 6/17/92
 /CONTACT: David B. Jordan, President-CEO, OMNI, 704-637-6180, or Lloyd G. Gurley, President-CEO, FSFC, 704-638-6018/
 (OCGI FSFC SCBC) CO: Omni Capital Group, Inc.; First Security Financial Corporation;
 Security Capital Bancorp ST: North Carolina IN: FIN SU: TNM


JZ -- CH013 -- 1244 06/17/92 17:13 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jun 17, 1992
Words:440
Previous Article:PARK-OHIO ANNOUNCES CRAWFORD ELECTED CEO
Next Article:STANDARD & POOR'S STOCK PRICE INDEX -- CLOSING, WEDNESDAY JUNE 17
Topics:


Related Articles
FIRST OF AMERICA BANK CORPORATION'S ACQUISITION OF SECURITY BANCORP, INC. APPROVED BY SHAREHOLDERS
OMNI REPORTS THIRD QUARTER RESULTS; ANNOUNCES CASH DIVIDEND
SECURITY CAPITAL BANCORP FORMED THROUGH MERGER OF FIRST SECURITY FINANCIAL AND OMNI CAPITAL GROUP
SECURITY CAPITAL BANCORP ANNOUNCES CASH DIVIDEND
SECURITY CAPITAL BANCORP ANNOUNCES FIRST MONTH'S COMBINED OPERATING RESULTS
SECURITY CAPITAL BANCORP ANNOUNCES INCREASED CASH DIVIDEND
SECURITY CAPITAL BANCORP ACQUIRES FIRST FEDERAL OF CHARLOTTE IN $41 MILLION DEAL:
APPLICATIONS APPROVED UNDER BANK HOLDING COMPANY ACT.
APPLICATIONS APPROVED UNDER BANK HOLDING COMPANY ACT: By Federal Reserve Banks.
Applications approved under Bank Holding Company Act by Secretary of the Board. (Legal Developments).

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters