First Bankshares, Inc., Parent of SuffolkFirst Bank, Reports Total Risk Based Capital Ratio of 14.72% after Recording a $942,000 loss or 41 cents per share for the Quarter Ended September 30, 2009

First Bankshares, Inc., Parent of SuffolkFirst Bank, Reports Total Risk Based
Capital Ratio of 14.72% after Recording a $942,000 loss or 41 cents per share
for the Quarter Ended September 30, 2009

SUFFOLK, Va., Oct. 23 /PRNewswire-FirstCall/ -- G. Swanigan, President & CEO
of First Bankshares, Inc. (Nasdaq: SUFB), parent of SuffolkFirst Bank (herein
referred to as the Bank), headquartered in Suffolk, VA commented, "As we work
through the current business cycle, management endeavors to maintain an
adequate capital position. On September 30, 2009, the total risk based
capital ratio stood at 14.72% compared to 15.33% on September 30, 2008 and
15.19% on June 30, 2009. One criterion of regulators for a bank to be
classified as 'well capitalized' is that it must maintain a total risk based
capital ratio of 10% or better."

Net operating results for the recent quarter ended September 30, 2009 were
affected by additional expenses associated with the Xenith merger combined
with an increase in the loan loss provision. The operating results for three
months ended September 30, 2009 reflect a net loss of $942,000 or 41 cents per
share compared to a $718,000 loss or 32 cents per share for quarter end June
30, 2009. The net operating loss for the recent quarter September 30, 2009
can primarily be attributed to a $930,000 loan loss provision in addition to
merger related expenses of $464,000 for the quarter. For nine months ended
September 30, 2009, the Bank recorded a net operating loss of $1,387,000 or 61
cents per share compared to net income of $414,000 or 18 cents per share for
the same nine month period ended September 30, 2008. For the nine month
period ended September 30, 2008, the Bank had no merger related expenses and
the provision for loan losses was $220,000 compared to $1,570,000 provision
and merger related expenses of $1,174,000 for nine months ended September 30,
2009.

For the recent three months ended September 30, 2009, net interest income
increased $1,072,000 or 46.7% before provision for loan losses while net
interest income increased 8.6% or $142,000 after the provision expense of
$930,000 compared to the June 30, 2009 quarter results. For nine months ended
September 30, 2009, net interest income before the loan loss provision
increased 12.35% or $370,000 while net interest income after a loan loss
provision of $1,570,000 for nine months ended September 30, 2009 resulted in a
decline of $980,000 or 35.3% compared to the same nine month period ended
September 30, 2008.

Non-interest income for the quarter ended September 30, 2009 increased 17.70%
or $78,000 while non-interest income for the nine month period ended September
30, 2009 declined $206,000 or 28.41% compared to the same nine month period
ended September 30, 2008. The decline in non-interest income for the nine
months ended September 30, 2008 compared to the same period ended September
30, 2009 was primarily the result of a reduction in Federal Home Loan Bank and
Federal Reserve Bank dividends, a lower volume of mortgage loans originated in
the secondary mortgage market which had a direct affect on mortgage loan
origination fees, and a decline in other loan fees due to a soft loan demand
for the nine month period ending September 30, 2009.

Non-interest expense increased $1,536,000 or 53.33% for the nine month period
ended September 30, 2009 compared to the same period 2008. The increase was
the result of $1,174,000 in merger related expenses, an $85,000 salary expense
accrual adjustment, an increase in FDIC assessments of $143,000, and an
increase in deferred loan expense of $125,000. For the recent three months
ended September 30, 2009, non-interest expense increased $1,649,000 primarily
from an increase in merger related expenses, an increase in FDIC assessment,
an increase in salary accrual adjustment, the write off of specific
miscellaneous assets, and a decrease in deferred loan expense credits.

Interest rates remain at historically low levels and the difference between
cost of funds on time deposits and rates earned on loans and investments
continue to be squeezed as rates earned on variable rate loans and investments
re-price faster than rates paid on time deposits. Declining interest rates
paid on time deposits over the past six months are evidence of the Bank's
improved net interest margin (NIM) which increased 14 basis points from 2.57%
to 2.71% for the period comparison September 30, 2008 and 2009, respectively,
while NIM remained relatively flat and declined 3 basis points for the recent
three month quarter comparison ended September 30, 2009.

Pressures surrounding the current business environment have affected the
performance of individual commercial loans within our loan portfolio,
specifically commercial loans purchased from Silverton Bank National
Association. Silverton was closed on May 1, 2009 by the Comptroller of the
Currency, and the FDIC was appointed as its receiver and charged with the duty
of winding up the affairs of Silverton and its subsidiary Specialty Finance
Group (SFG). SuffolkFirst Bank was advised that SFG intends to continue to
administer participation agreements in accordance with past practices while
the FDIC intends to wind up the affairs of Silverton. On September 30,
2009, SuffolkFirst Bank had three participation loans with Silverton which
represented 4.85% of the loan portfolio and totaled $5,459,000. In the normal
course of business, the Bank also purchased 10 loans from SFG which totaled
$15,959,000 and represented 14.18% of the total loan portfolio as of September
30, 2009. Adverse economic conditions have affected specific loans within this
section of our loan portfolio which has a direct relationship to the increase
in non-performing loans and the increase in the Allowance for Lease and Loan
Losses for the nine month period ended September 30, 2009. On September 30,
2009, non-performing assets (NPA) were $7,140,000 compared to $3,400,000 on
June 30, 2009 and $1,800,000 on September 30, 2008. Management continues to
monitor the loan portfolio through this challenging economic environment and
is attentively focused upon the NPA.

At September 30, 2009, the Allowance for Lease and Loan Losses (ALLL)
increased to $3,002,000 and represented 2.67% of total loans compared to
$2,190,000 and 1.92% on June 30, 2009 and $1,114,000 or 0.95% on September 30,
2008. Loan losses net of recoveries for the nine month period ended September
30, 2009 were $255,000 compared to $48,000 for the same period ended September
30, 2008, and for the quarter ended June 30, 2009 net loan losses were
$133,000. The ALLL reflects Management's analysis of the loan portfolio and
factors in the underlying collateral value of loans, strategies for the
resolution of problem loans, and the influence of economic conditions on the
performance of the portfolio.

Asset growth over the past year declined slightly as we reported total assets
on September 30, 2008 at $170,000,000 while assets stood at $167,000,000 on
September 30, 2009. Deposits for the period comparison declined $14,000,000
while management took advantage of reduced rates on other borrowed funds which
increased $11,000,000 to offset the decline in time deposits. Securities grew
$5,702,000 or 14.8% for the period September 30, 2008 to September 30, 2009
while demand for loans was somewhat disappointing and resulted in a decline of
6.49% or $7,610,000 in net loans from September 30, 2008 to September 30,
2009.

We are pleased to announce that shareholders of First Bankshares and Xenith
Corporation approved the merger of the two companies on October 15, 2009.
Shareholder approval of this transaction represents a major step forward and a
significant opportunity for First Bankshares, SuffolkFirst Bank, and our
shareholders, customers and employees. The addition of Xenith's human and
financial capital to First Bankshares' existing strengths will assist us in
reaching out to new markets in Virginia while also enhancing our ability to
serve larger segments within First Bankshares' current footprint. We are
pleased to announce that on September 25, 2009 the Virginia State Corporation
Commission approved the merger pending receipt of final regulatory approval
from the Federal Reserve. First Bankshares and Xenith management are
optimistic of a November closing date for the merger and are equally excited
about the future opportunities for the combined company.

This press release contains forward-looking statements. Words such as
"anticipates," "believes," "intends," "should," "expects," "will," variations
of similar expressions are intended to identify forward-looking statements.
These statements are management's beliefs as to the expected outcome of future
events and are not guarantees of future performance. These statements involve
certain risks, uncertainties and assumptions that are difficult to predict
with regard to timing, extent, and degree of occurrence. Results and outcome
may differ from what may be expressed or forecasted in forward-looking
statements. Factors that could make a difference include, among others,
changes in local and national economies, or market conditions; changes in
interest rates; regulations and accounting principles; changes in policies or
guidelines; loan demand and asset quality, including real estate values and
collateral values; deposit flow; and the impact of competition from
traditional or new sources. These and other issues that may emerge could
affect decisions and results to differ materially from current expectations.
First Bankshares, Inc. assumes no obligation to revise, update, or clarify
forward-looking statements to reflect events or conditions after the date of
this release.

SuffolkFirst Bank
Summary Balance Sheets
(in thousands)

Sept. 30, Sept. 30,
2008 2009 Increase/ % Increase/
(unaudited) (unaudited) (Decrease) (Decrease)

Cash and due from banks $2,303 $2,778 $475 20.63%
Securities available-for-sale,
at fair value 38,576 44,278 5,702 14.78%
Loans, net 117,182 109,572 (7,610) -6.49%
Other assets 11,475 10,371 (1,104) -9.62%
------ ------
Total assets $169,536 $166,999 (2,537) -1.50%
======== ========
Deposits
Demand $21,365 $21,121 (244) -1.14%
Savings 2,837 3,628 791 27.88%
Time 108,867 94,397 (14,470) -13.29%
------- ------
Total deposits 133,069 119,146 (13,923) -10.46%
Federal funds purchased and
borrowed funds 20,003 30,530 10,527 52.63%
Other liabilities 1,046 1,502 456 43.59%
----- -----
Total liabilities 154,118 151,178 (2,940) -1.91%
Total stockholders' equity 15,418 15,821 403 2.61%
------ ------
Total liabilities and
stockholders' equity $169,536 $166,999 (2,537) -1.50%
======== ========

Summary Statements of Income
(in thousands except for per share data)

Nine Months Ended
Sept. 30, Sept. 30,
2008 2009 Increase/ % Increase/
(unaudited) (unaudited) (Decrease) (Decrease)

Interest income $7,276 $6,776 $(500) -6.87%
Interest expense 4,280 3,410 $(870) -20.33%
----- -----
Net interest income 2,996 3,366 $370 12.35%
Provision for loan
losses 220 1,570 $1,350 613.64%
--- -----
Net interest income after
provision for loan losses 2,776 1,796 $(980) -35.30%
Non interest income 725 519 $(206) -28.41%
Non interest expense 2,880 4,416 $1,536 53.33%
----- -----
Net income (loss) before
income tax 621 (2,101) $(2,722) -438.33%
Income tax expense (benefit) 207 (714) $(921) -444.93%
--- -----
Net income (loss) $414 $(1,387) $(1,801) -435.02%
==== =======
Income (loss) per
share, basic $0.18 $(0.61) $(0.79) -435.02%
===== ======

Key Ratios

Sept. Sept. Increase/ % Increase/
2008 2009 (Decrease) (Decrease)

Return on average assets 0.32% -1.06% -1.38% -431.25%
Return on average equity 3.26% -1.91% -5.17% -158.59%
Net interest margin 2.57% 2.71% 0.14% 5.45%
Average earning assets/
total average assets 94.24% 93.42% -0.82% -0.87%
Average loans/average deposits 89.60% 88.32% -1.28% -1.43%
Allowance for loan losses/
period end loans 0.94% 2.67% 1.73% 184.04%
Period end shareholders' equity/
period end assets 9.09% 9.47% 0.38% 4.18%
Tier 2 risk-based capital ratio 15.33% 14.72% -0.61% -3.98%
Efficiency ratio 79.16% 183.87% 104.71% 132.28%
Tier 1 capital ratio 14.39% 13.45% -0.94% -6.53%

SuffolkFirst Bank
Summary Balance Sheets
(in thousands)

June 30, Sept. 30,
2009 2009 Increase/ % Increase/
(unaudited) (unaudited) (Decrease) (Decrease)

Cash and due from banks $3,900 $2,778 $(1,122) -28.77%
Securities available-for-sale,
at fair value 46,287 44,278 (2,009) -4.34%
Loans, net 111,848 109,572 (2,276) -2.03%
Other assets 10,005 10,371 366 3.66%
------ ------
Total assets $172,040 $166,999 (5,041) -2.93%
======== ========
Deposits
Demand $20,051 $21,121 1,070 5.34%
Savings 3,687 3,628 (59) -1.60%
Time 105,972 94,397 (11,575) -10.92%
------- ------
Total deposits 129,710 119,146 (10,564) -8.14%
Federal funds purchased and
borrowed funds 25,004 30,530 5,526 22.10%
Other liabilities 1,465 1,502 37 2.53%
----- -----
Total liabilities 156,179 151,178 (5,001) -3.20%
Total stockholders' equity 15,861 15,821 (40) -0.25%
------ ------
Total liabilities and
stockholders' equity $172,040 $166,999 (5,041) -2.93%
======== ========

Summary Statements of Income
(in thousands except for per share data)

Six Months Nine Months
June 30, Sept. 30,
2009 2009 Increase/ % Increase/
(unaudited) (unaudited) (Decrease) (Decrease)

Interest income $4,618 $6,776 $2,158 46.73%
Interest expense 2,324 3,410 $1,086 46.73%
----- -----
Net interest income 2,294 3,366 $1,072 46.73%
Provision for loan losses 640 1,570 $930 145.31%
--- -----
Net interest income after
provision for loan losses 1,654 1,796 $142 8.59%
Non interest income 441 519 $78 17.69%
Non interest expense 2,767 4,416 $1,649 59.60%
----- -----
Net income (loss) before
income tax (672) (2,101) $(1,429) 212.65%
Income tax expense (benefit) (228) (714) $(486) 213.16%
----- -----
Net income (loss) $(444) $(1,387) $(943) 212.39%
===== =======
Income (loss) per share, basic $(0.20) $(0.61) $(0.35) 179.41%
====== ======

Key Ratios
June 30, Sept. 30, Increase/ % Increase/
2009 2009 (Decrease) (Decrease)

Return on average assets -0.50% -1.06% -0.56% 112.00%
Return on average equity -5.21% -1.91% 3.30% -63.34%
Net interest margin 2.74% 2.71% -0.03% -1.09%
Average earning assets/
total average assets 93.64% 93.34% -0.30% -0.32%
Average loans/average
deposits 87.80% 88.32% 0.52% 0.59%
Allowance for loan losses/
period end loans 1.92% 2.67% 0.75% 39.06%
Period end shareholders' equity/
period end assets 9.54% 9.47% -0.07% -0.73%
Tier 2 risk-based capital ratio 15.19% 14.72% -0.47% -3.09%
Efficiency ratio 101.19% 183.87% 82.68% 81.71%
Tier 1 capital ratio 13.94% 13.45% -0.49% -3.52%

SOURCE First Bankshares, Inc.

Darrell G. Swanigan, President & CEO, First Bankshares Inc. and SuffolkFirst
Bank, +1-757-934-8200, dgs@suffolkfirstbanks.com