Common use of Securities Portfolio and Investments Clause in Contracts

Securities Portfolio and Investments. FNB has Previously Disclosed to ACB a listing of all securities owned, of record or beneficially, by FNB or First National as of September 30, 2003. All securities owned are held free and clear of all mortgages, liens, pledges, encumbrances, or any other restriction or rights of any other person or entity, whether contractual or statutory (other than customary pledges in the ordinary course of its business to secure public funds deposits or Federal Home Loan Bank borrowings or repurchase agreements entered into in the ordinary course of business), which would materially impair the ability of FNB or First National to dispose freely of any such security or otherwise to realize the benefits of ownership thereof at any time. There are no voting trusts or other agreements or undertakings to which FNB or First National is a party with respect to the voting of any such securities. With respect to all “repurchase agreements” under which FNB or First National has “sold” securities under agreement to repurchase, FNB or First National, as applicable, has a valid, perfected first lien or security interest in the government securities or other collateral securing the repurchase agreement, and the value of the collateral securing each such repurchase agreement equals or exceeds the amount of the debt owed by FNB or First National, as the case may be, which is secured by such collateral. Except for fluctuations in the market values of United States Treasury and agency securities, municipal securities, or other debt securities since September 30, 2003, there has been no material deterioration or adverse change in the quality, or any material decrease in the value, of FNB’s or First National’s securities portfolio as a whole.

Securities Portfolio and Investments. FNB EVBS has Previously Disclosed previously disclosed to ACB FCB a listing of all securities owned, of record or beneficially, by FNB EVBS or First National EVB as of September 30December 31, 20032008. All securities owned are held free and clear of all mortgages, liens, pledges, encumbrances, or any other restriction or rights of any other person or entity, whether contractual or statutory (other than customary pledges in the ordinary course of its business to secure public funds deposits or Federal Home Loan Bank borrowings or repurchase agreements entered into in the ordinary course of business), which would materially impair the ability of FNB EVBS or First National EVB to dispose freely of any such security or otherwise to realize the benefits of ownership thereof at any time. There are no voting trusts or other agreements or undertakings to which FNB EVBS or First National EVB is a party with respect to the voting of any such securities. With respect to all “repurchase agreements” under which FNB EVBS or First National EVB has “sold” or “purchased” securities under agreement to repurchase, FNB EVBS or First National, EVB as applicable, has a valid, perfected first lien or security interest in the government securities or other collateral securing the repurchase agreement, and the value of the collateral securing each such repurchase agreement equals or exceeds the amount of the debt owed by FNB EVBS or First NationalEVB, as the case may be, which is secured by such collateral. Except for fluctuations in the market values of United States Treasury and agency securitiesSince December 31, municipal securities, or other debt securities since September 30, 20032008, there has been no material deterioration or adverse change in the quality, or any material decrease in the value, of FNBEVBS’s or First NationalEVB’s securities portfolio as a whole. Notwithstanding anything to the contrary herein, the parties acknowledge and agree that it shall not constitute a breach of the representations and warranties of EVBS hereunder if items disclosed as investments in unrealized loss positions that are temporarily impaired in the December 31, 2008 Financial Statements of EVBS become other than temporary impairments and the corresponding unrealized losses are realized.

Securities Portfolio and Investments. FNB Bank of Richmond has Previously Disclosed to ACB Financial Holdings a listing of all securities owned, of record or beneficially, by FNB or First National Bank of Richmond as of September 30, 20032006. All securities owned are held free and clear of all mortgages, liens, pledges, encumbrances, or any other restriction or rights of any other person or entity, whether contractual or statutory (other than customary pledges in the ordinary course of its business to secure public funds deposits or Federal Home Loan Bank borrowings or repurchase agreements entered into in the ordinary course of business), which would materially impair the ability of FNB or First National Bank of Richmond to dispose freely of any such security or otherwise to realize the benefits of ownership thereof at any time. There are no voting trusts or other agreements or undertakings to which FNB or First National Bank of Richmond is a party with respect to the voting of any such securities. With respect to all “repurchase agreements” under which FNB or First National Bank of Richmond has “sold” securities under agreement to repurchase, FNB or First National, as applicable, Bank of Richmond has a valid, perfected first lien or security interest in the government securities or other collateral securing the repurchase agreement, and the value of the collateral securing each such repurchase agreement equals or exceeds the amount of the debt owed by FNB or First NationalBank of Richmond, as the case may be, which is secured by such collateral. Except for fluctuations in the market values of United States Treasury and agency securities, municipal securities, or other debt securities since September 30, 20032006, there has been no material deterioration or adverse change in the quality, or any material decrease in the value, of FNB’s or First NationalBank of Richmond’s securities portfolio as a whole.

Securities Portfolio and Investments. FNB River City Bank has Previously Disclosed to ACB Village Financial a listing of all securities owned, of record or beneficially, by FNB or First National River City Bank as of September 30February 29, 20032008. All securities owned are held free and clear of all mortgages, liens, pledges, encumbrances, Liens or any other restriction or rights of any other person or entityPerson, whether contractual or statutory (other than customary pledges in the ordinary course of its business to secure public funds deposits or Federal Home Loan Bank borrowings or repurchase agreements entered into in the ordinary course of business), which would materially impair the ability of FNB or First National River City Bank to dispose freely of any such security or otherwise to realize the benefits of ownership thereof at any timetime and are classified as “available for sale” and, accordingly, have been marked to market. There are no voting trusts or other agreements or undertakings to which FNB or First National River City Bank is a party with respect to the voting of any such securities. With respect to all “repurchase agreements” under which FNB or First National River City Bank has “sold” securities under agreement to repurchase, FNB or First National, as applicable, River City Bank has a valid, perfected first lien or security interest Lien in the government securities or other collateral securing the repurchase agreement, and the value of the collateral securing each such repurchase agreement equals or exceeds the amount of the debt owed by FNB or First NationalRiver City Bank, as the case may be, which is secured by such collateral. Except for fluctuations in the market values of United States Treasury and agency securities, municipal securities, or other debt securities since September 30February 29, 20032008, there has been no material deterioration or adverse change in the quality, or any material decrease in the value, of FNB’s or First NationalRiver City Bank’s securities portfolio as a whole.

Securities Portfolio and Investments. FNB has Main Street and Piedmont have Previously Disclosed to ACB Yadkin a listing of all securities owned, of record or beneficially, by FNB or First National Main Street and Piedmont as of September 30December 31, 20032001. All securities owned owned, of record or beneficially, by Main Street and Piedmont are held free and clear of all mortgages, liens, pledges, encumbrances, encumbrances or any other restriction or rights of any other person or entity, whether contractual or statutory (other than customary pledges in the ordinary course of its their business to secure public funds deposits or Federal Home Loan Bank borrowings or repurchase agreements entered into in the ordinary course of businessdeposits), which would materially impair the ability of FNB Main Street or First National Piedmont to dispose freely of any such security or otherwise to realize the benefits of ownership thereof at any time. There are no voting trusts or other agreements or undertakings to which FNB Main Street or First National Piedmont is a party with respect to the voting of any such securities. With respect to all “"repurchase agreements” " under which FNB Main Street or First National Piedmont has “sold” "purchased" securities under agreement to repurchaseresell, FNB Main Street or First National, as applicable, Piedmont has a valid, perfected first lien or security interest in the government securities or other collateral securing the repurchase agreement, and the value of the collateral securing each such repurchase agreement equals or exceeds the amount of the debt owed by FNB to Main Street or First NationalPiedmont, as the case may be, which is secured by such collateral. Except for fluctuations in the market values of United States Treasury and agency securitiesSince December 31, municipal securities, or other debt securities since September 30, 20032001, there has been no material deterioration or adverse change in the quality, or any material decrease in the value, of FNB’s or First National’s the securities portfolio of Main Street or that of Piedmont as a whole.

Securities Portfolio and Investments. FNB Village Financial has Previously Disclosed to ACB River City Bank a listing of all securities owned, of record or beneficially, by FNB Village Financial or First National Village Bank as of September 30January 31, 20032008. All securities owned by Village Bank are held free and clear of all mortgages, liens, pledges, encumbrances, Liens or any other restriction or rights of any other person or entityPerson, whether contractual or statutory (other than customary pledges in the ordinary course of its business to secure public funds deposits or Federal Home Loan Bank borrowings or repurchase agreements entered into in the ordinary course of business), which would materially impair the ability of FNB or First National Village Bank to dispose freely of any such security or otherwise to realize the benefits of ownership thereof at any timetime and are classified as “available for sale” and, accordingly, have been marked to market. There are no voting trusts or other agreements or undertakings to which FNB or First National Village Bank is a party with respect to the voting of any such securities. With respect to all “repurchase agreements” under which FNB or First National Village Bank has “sold” securities under agreement to repurchase, FNB or First National, as applicable, Village Bank has a valid, perfected first lien or security interest Lien in the government securities or other collateral securing the repurchase agreement, and the value of the collateral securing each such repurchase agreement equals or exceeds the amount of the debt owed by FNB or First NationalVillage Bank, as the case may be, which is secured by such collateral. Except for fluctuations in the market values of United States Treasury and agency securities, municipal securities, or other debt securities since September 30January 31, 20032008, there has been no material deterioration or adverse change in the quality, or any material decrease in the value, of FNB’s or First NationalVillage Bank’s securities portfolio as a whole.

Securities Portfolio and Investments. FNB First Savings has Previously ------------------------------------ Disclosed to ACB BancShares a listing of all securities owned, of record or beneficially, by FNB it or First National FSB as of September 30December 31, 20031996. All securities owned owned, of record or beneficially, by First Savings and FSB are held free and clear of all mortgages, liens, pledges, encumbrances, encumbrances or any other restriction or rights of any other person or entity, whether contractual or statutory (other than customary pledges in the ordinary course of its FSB's business to secure public funds deposits or Federal Home Loan Bank borrowings or repurchase agreements entered into in the ordinary course of businessdeposits), which would materially impair the ability of FNB First Savings or First National FSB to dispose freely of any such security or and/or otherwise to realize the benefits of ownership thereof at any time. There are no voting trusts or other agreements or undertakings to which FNB First Savings or First National FSB is a party with respect to the voting of any such securities. With respect to all “"repurchase agreements” under " to which FNB or First National FSB has “sold” "purchased" securities under agreement to repurchaseresell, FNB or First National, as applicable, FSB has a valid, perfected first lien or security interest in the government securities or other collateral securing the repurchase agreement, and the value of the collateral securing each such repurchase agreement equals or exceeds the amount of the debt owed by FNB or First National, as the case may be, to FSB which is secured by such collateral. Except for fluctuations in the market values of United States Treasury and agency securities, or municipal securities, or other debt securities since September 30December 31, 20031996, there has been no material deterioration or adverse change in the quality, or any material decrease in the value, of FNB’s First Savings' or First National’s FSB's securities portfolio as a whole.