Sunday, January 27, 2008
A merged FNB will remain involved in the community
New River Forum
It was rewarding to read about FNB and our outstanding employees' considerable charitable efforts throughout the region and in particular in the New River Valley ("Fear of philanthropic loss comes with bank merger," Jan. 13). FNB has long considered itself a good neighbor and supporter of events and organizations that enhance quality of life and help those in need. We're very proud of that.
Michael Hemphill, in that column, voiced a concern readers may have about FNB's heritage of giving, opining that a merger will lessen the impact of our commitments. As president and CEO of FNB, I can assure you that our track record of philanthropy will not disappear with a merger with Virginia Financial Group.
That's because we're not going anywhere.
Yes, the name will change and the headquarters of the holding company will be located in Charlottesville. But the bank, and the heart and soul of the new bank -- the operations center -- will continue to be located right here in Christiansburg, preserving jobs in the New River Valley.
Most of the same dedicated executives and decisionmakers also will remain in the same community the bank has been supporting for more than 100 years.
Unlike a scenario in which FNB is bought by one of those megabanks, ceding philanthropic decisions to faraway cities, this truly is a merger of equals, with FNB shareholders owning 52 percent of the new company and FNB having equal representation on all boards and committees. The merger will create a new bank, more than doubling our current assets to more than $3 billion, while creating the largest independent commercial bank headquartered in Virginia -- a major economic driver for our region.
Ray Smoot will be chairman of the board of the bank, which ensures that FNB and the region will be well represented in any number of decisions, including charitable giving.
The president of the new bank, the heads of retail banking, wealth management, operations and risk management and others in leadership roles in the new bank will continue to make their homes in our communities, serve on local boards, attend area churches and participate in local fundraising activities.
Therefore, our employees' commitment of time and talent to make Western Virginia a great place to live, work and play will remain steadfast. After all, this is our home, too, and we want to see the region flourish.
So, while our name will change, our mission won't -- and that mission includes our important role as a responsible corporate citizen in all the communities we serve.
Hemphill had it right when he described how difficult it is to raise money from banks that don't call our region home. But he's referring to those large multistate financial giants that don't know our market, don't share our values and certainly don't always provide the same level of community banking that is our heritage.
Our benefactors will be glad to know we'll still be here, listening and caring as always.
Bill Heath is president and CEO of FNB Corporation in Christiansburg and a resident of Riner.
