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FNB Requests a Change in the Bank's Charter

Approval Expected May 2015, Bank Will Be Renamed First Bank of Alabama

TALLADEGA, Ala. — On Tuesday, February 10th, the Board of Directors of The First National Bank of Talladega unanimously voted to request a change in the Bank’s charter. If granted the request, the Bank will convert from a federally-chartered bank to a state-chartered bank. The Bank has operated as a federally-charted bank since 1893 when it was granted a federal charter to operate as Isbell National Bank of Talladega.

"Customers’ ability to use their First National accounts will not be impacted by the name change, and there will be no changes to account numbers, routing numbers, checks or debit cards."

W. Larkin Coker
Chairman, Board of Directors

If the request is granted, the government agency responsible for the regulatory oversight of the Bank would change from the Office of the Comptroller of the Currency (OCC) to the Alabama State Banking Department and the Federal Deposit Insurance Corporation (FDIC). The requested change, which must be approved by state banking authorities, represents an opportunity for the Bank to substantially lower regulatory costs, while maintaining full FDIC protection of customer deposits as well as its legacy of community-focused banking.  

“The change to a state-chartered bank and change in the Bank’s name represents an exciting new chapter for this institution, which has operated continuously in Talladega County since 1848,” said Larkin Coker, Chairman of the Board of Directors. “In addition to working with banking regulators closer to home, the change represents an opportunity for significant savings in regulatory costs while expanding opportunities to further invest in our market area.”

 The requested change will have no impact on the day-to-day operations of the Bank. The ownership, management, employees, locations, products and services of the Bank will not change. However, if the request to change the charter is approved by regulators, the Bank will change its name to First Bank of Alabama. 

 John D. Belew
President & CEO

The Bank anticipates the request could be approved as early as May 1st, 2015, at which time the Bank would begin operating as First Bank of Alabama. Customers’ ability to use their First National accounts will not be impacted by the name change, and there will be no changes to account numbers, routing numbers, checks or debit cards.  The Bank does plan, however, to unveil the new name on updated signage, statements and other official documents throughout the remainder of 2015. Through the entire process, customer loan and deposit agreements remain the same and deposits will remain fully guaranteed by FDIC insurance in accordance with FDIC guidelines. 

“First Bank of Alabama will continue to provide the same banking services from the same friendly bankers our customers know and trust,” said First National President & CEO John D. Belew. “The Bank remains with the same local ownership, local management, local employees and local decision-making, with a new name that reflects that we are the oldest continuously operating bank in Alabama.”