AB&T Financial Corporation Announces the Termination of its Agreement and Plan of Merger
October 01 2009 - 4:22PM
Business Wire
Daniel C. Ayscue, President and CEO of AB&T Financial
Corporation, Gastonia, North Carolina (OTCBB:ABTO), the parent
company of Alliance Bank and Trust Company today announced that it
was exercising its right to unilaterally terminate its Agreement
and Plan of Merger with Hendersonville, NC’s 1st Financial Services
Corporation (OTCBB:FFIS), the parent company of Mountain 1st Bank
& Trust Company.
Ayscue stated that both he and the Bank’s Board of Directors
wished the best for 1st Financial Services Corporation. Ayscue
further stated that based upon the current capital strength of
AB&T Financial Corporation and the unknowns of the current
regulatory environment, the Bank’s Board of Directors felt strongly
that it was in the best interest of its shareholders to continue in
an independent manner for the foreseeable future. “As the financial
storms of ’08 and ’09 have begun to subside, we are very excited
about the opportunities that lie ahead for us in 2010,” stated
Ayscue.
Alliance Bank and Trust Company, which opened in Gastonia, North
Carolina in 2004, has approximately $170 million in assets and
$27.4 million in tangible common equity and operates four North
Carolina banking offices, in Gastonia (2), Kings Mountain and
Shelby.
AB&T Financial Corporation is the parent company of Alliance
Bank & Trust Company, which operates 4 community oriented
branches in Gaston and Cleveland Counties in North Carolina that
offer a full array of banking services. Additional information on
Alliance Bank & Trust’s locations and the products and services
offered are available at www.alliancebankandtrust.com.
Certain matters set forth in this news release may contain
forward-looking statements that are provided to assist in the
understanding of anticipated future financial performance. However,
such performance involves risks and uncertainties that may cause
actual results to differ materially from those in such statements.
For discussion of certain factors that may cause such
forward-looking statements to differ materially from the Company’s
actual results, see the Company’s Quarterly Report on Form 10-Q for
the quarter ended June 30, 2009.