The meeting was the first under its new corporate name, which changed from FNB Corp. to FNB United in late April of this year.

The company’s operating results and current and future business plans were reviewed and balanced against the recent state of the local and national economies.

“We’ve had a consistent growth orientation, both in existing markets and in seeking new, diversified, growing markets,” Miller said. “We’ve grown with selective acquisitions designed to strengthen our earnings stream, and not merely to amass assets.”

Miller said FNB United has historically demonstrated good financial performance, which is evidenced by a compounded adjusted growth rate of 16.8 percent per year in total assets since 2001.

He also indicated that the company is on good financial footing to face the future, as earnings in 2005 finished strong and included significant increases over the previous year in net income, total assets, loans, deposits and returns on average equity and average assets.

Growth was accomplished by FNB United in 2005 through both acquisition and de novo branching in new markets, including Alamance, Guilford and Orange counties.

Also, the purchase of Integrity Financial Corp. that was announced last Septemb-er, recently closed at the end of April.

Integrity, with $666 million in assets in its operating subsidiary of First Gaston Bank, including Catawba Valley Bank and Northwestern Bank divisions, is larger than all of the company’s previous mergers combined and positions FNB United in active markets throughout the foothills and mountains of western North Carolina, the company said.

Following the Integrity purchase, Miller reported that FNB United has assets of $1.8 billion, loans of $1.3 billion, deposits of $1.4 billion, market capitalization of more than $220 million and has grown to be the eighth largest bank in North Carolina.

In formal business matters, Jacob F. Alexander III and Lynn S. Lloyd were elected as Class I directors, to serve two-year terms. Larry E. Brooks, W. L. Hancock, Eugene B. McLaurin II, R. Reynolds Neely Jr. and Richard K. Pugh were elected as Class II directors, serving for three years.

FNB United Corp. is the central North Carolina-based bank holding company for First National Bank and Trust Co., First Gaston Bank (including its divisions Catawba Valley Bank and Northwestern Bank) and Dover Mortgage Co.

Opened in 1907, First National (MyYesBank.com) operates 25 community branches in Archdale, Ashe-boro, Biscoe, Burlington, China Grove, Ellerbe, Gra-ham, Greensboro, Hillsbor-ough, Kannapolis, Laurin-burg, Pinehurst, Ramseur, Randleman, Rockingham, Salisbury, Seagrove, Siler City, Southern Pines and Trinity.

First Gaston Bank commenced operations in 1995 and operates five community offices in Belmont, Dallas, Gastonia, Mount Holly and Stanley.

It also operates community offices as Catawba Valley Bank in Hickory, Mooresville, Newton and Statesville and as Northwestern Bank of Wilkesboro in Boone, Millers Creek, Taylorsville, Wilkes-boro and West Jefferson.