CHARLESTON, W. Va. -- The board of One Valley Bankcorp of West Virginia approved the repurchase of up to 400,000 shares of One Valley Bancorp common stock, to be allocated to employee benefit, stock option, and dividend reinvestment plans and other corporate purposes.

"The board reviewed various financial and accounting issues and believes the repurchase of shares in the best interest of the shareholders," said J. Holmes Morrison, president and chief executive of the $3.5 billion-asset company. "One Valley's equity capital position will remain strong after the shares are repurchased."

The purchases would be in open market transactions, block transactions, or privately negotiated.

The briefs were compiled from staff and wire reports.

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