One Valley Bancorp of West Virginia Inc. will be doing a private placement of commercial paper through One Valley Securities Corp., a wholly owned subsidiary of One Valley Bank.
Moody's and Standard & Poor's reviewed the company's $30 million commercial paper program. The holding company's commercial paper was rated P-2 by Moody's and A-2 by S&P.
J. Holmes Morrison, chief executive of the $3.8 billion holding company, said the ratings reflect the bank's large capital base and core profitability. He also said the Moody's rating "reflects the relatively small size within Moody's universe
"Management has continued to keep capital at relatively high levels, while maintaining the company's historically low level of nonperforming credits," he said.
S&P's rating mentioned the same positive qualities.
One Valley has 11 affiliate banks in western Virginia with 79 offices. The company recently inked an agreement to acquire $329 million-asset CBS Financial Corp., a federal savings bank in Lynchburg, Va., with 10 offices.