Exhibit 99.1

[FNB LOGO]

For Immediate Release                               For Information Contact:
August 1, 2002, 3:30 p.m.                           Michael C. Miller
                                                    Jerry A. Little
                                                    (336) 626-8300

               FNB Corp. and Rowan Bancorp, Inc. Consummate Merger

       Asheboro, NC -- FNB Corp. (NASDAQ: FNBN), announced that its acquisition
by merger of Rowan Bancorp, Inc. was completed today.
       The acquisition expands FNB's market coverage in central North Carolina
to Rowan County through the three offices of Rowan Savings Bank SSB, Inc., the
wholly owned subsidiary of Rowan Bancorp. Rowan Bank, a North Carolina chartered
savings bank, will operate as a subsidiary of FNB Corp. FNB Corp. is the parent
holding company of First National Bank and Trust Company, which operates 16
community offices in Chatham, Montgomery, Moore, Randolph, Rockingham and
Scotland counties in central North Carolina. With the merger, FNB Corp. has
assets in excess of $700 million.
       "This is a positive step in strengthening FNB's franchise value in
mid-Carolina," noted Michael C. Miller, President and CEO of FNB. "With presence
in the communities of China Grove, Salisbury and Kannapolis, Rowan Bank's
position along the I-85 corridor compliments FNB's position along the expanding
corridors of Interstates 73 and 74. Rowan Bank further broadens our demographic
base and positions our company for future growth in Rowan and adjacent
counties."
       Rowan Bank directors will retain their positions on the bank's board.
Bruce D. Jones will continue to serve as President and CEO of Rowan Bank, and
will also serve as a director of FNB Corp.  Joining Mr. Jones on FNB's board
will be fellow Rowan director, Dale E. Keiger.
       "We're pleased to welcome Bruce Jones and his team of employees and
directors to the FNB Corp. family," added Mr. Miller. "Combining our respective
strengths will enable us to provide a broader range of financial services to our
customers and improved returns for our shareholders."
       Mr. Jones added, "The partnership with FNB Corp. creates growth
opportunities for Rowan Bank in the areas of commercial banking, trust and
investment services, technology banking and more. It also reinforces our
position as a strong financial competitor in the marketplace, and promotes the
best interests of Rowan's customers, employees and shareholders alike."



       The merger was announced on February 12, 2002 and approved by Rowan
Bancorp, Inc. shareholders at its annual meeting held on June 25, 2002. Rowan
shareholders had the option to elect FNB common stock or cash, or a combination
of each, subject to FNB's ability to limit the overall stock consideration to
45%. Because the option to receive FNB stock was oversubscribed, Rowan
shareholders who elected cash, or made no election, will receive $36.00 in cash
for each Rowan share. Holders of Rowan shares who elected to receive only stock
will receive for each Rowan share approximately 1.4952 shares of FNB common
stock (with cash paid in lieu of fractional shares) and approximately $13.30 in
cash. The stock portion of the consideration to Rowan shareholders is intended
to qualify for tax-free treatment in the transaction.
       Consummation of the merger with Rowan Bancorp provides momentum for FNB
heading into fourth quarter, as First National Bank will open its newest
community office in Pinehurst, North Carolina in mid-October. The Pinehurst
office will be the bank's 17th overall, and will incorporate the YES YOU CAN
marketing and retail strategy that has proven successful in other markets.
       This news release contains forward-looking statements, including
estimates of future operating results and other forward-looking financial
information for FNB Corp. and its subsidiaries. These estimates constitute
forward-looking statements within the meaning of the risks and uncertainties.
Actual results may differ materially due to such factors as: (1) expected cost
savings from the merger not materializing within the expected time frame; (2)
revenues following the merger not meeting expectations; (3) competitive
pressures among financial institutions increasing significantly; (4) costs or
difficulties related to the integration of the businesses of FNB Corp. and Rowan
Bancorp being greater than anticipated; (5) general economic conditions being
less favorable than anticipated; and (6) legislation or regulatory changes
adversely affecting the business in which the combined company will be engaged.
FNB Corp. does not assume any obligation to update these forward-looking
statements or to update the reasons why actual results could differ from those
projected in the forward-looking statements.

                                * * *






                                      - 2 -