Buffalo, New York 9/30/2009 2:35:00 AM
News / Business

FNB Bancorp (OTCBB: FNBG) Declares Stock Dividend

FNB Bancorp (OTCBB: FNBG), the holding company for First National Bank of Northern California, announced that its Board of Directors has declared a stock dividend of approximately 151,521 shares, payable at the rate of one share of Common Stock for every twenty (20) shares of Common Stock owned. The stock dividend will be payable December 15, 2009, to shareholders of record on November 30, 2009. Fractional shares will be paid at the last recorded stock traded price as of September 25, 2009, or seven dollars ($7.00) per share.

 

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FNB Bancorp is a single bank holding company that owns all of the issued and outstanding shares of common stock of First National Bank of Northern California, a national banking association ("First National Bank" or the "Bank"). FNB Bancorp was formed at the direction of the Board of Directors of the Bank in order to reorganize the Bank into a holding company structure, with the approval of the Office of the Comptroller of the Currency. The Bank and FNB Bancorp entered into an Agreement and Plan of Reorganization dated November 1, 2001. (The "Plan of Reorganization") for this purpose and the shareholders of the Bank approved the Plan of Reorganization at a Special Meeting of the shareholders of the Bank held February 27, 2002. The Plan of Reorganization was consummated on March 15, 2002. Each outstanding share of the common stock, par value $1.25 per share, of the Bank (other than any shares as to which dissenters' rights of appraisal have been properly exercised) was converted into one share of the common stock of the Company, and the former holders of Bank common stock became the holders of all of the Company common stock. The purpose of forming FNB Bancorp was to provide our shareholders the ability to own shares of bank acquisition targets or financial services companies, if such acquisition opportunities arose. Commencing on March 18, 2002, the common stock of the company has been quoted on the OTC Bulletin Board under the symbol "FNBG".

 

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