FNB UNITED CORP.

American Bankers Association

Community Bank Investor Conference

New York, NY

October 27-28, 2008

Yes You Can

®

Yes We Can

®

Exhibit 99.1

Forward-Looking Statements

FNB

United

Corp.

has

made

forward-looking

statements

in

the

accompanying

presentation

materials

that

are

subject

to

risks

and

uncertainties.

These

statements

are

based

on

the

beliefs

and

assumptions

of

the

management

of

FNB

United

Corp.,

and

on

the

information

available

to

management

at

the

time

the

presentation

materials

were

prepared.

These

forward-looking

statements

involve

certain

risks

and

uncertainties,

including

a

variety

of

factors

that

may

cause

FNB

United

Corp’s

actual

results

to

differ

materially

from

the

anticipated

results

or

other

expectations

expressed

in

such

forward-

looking

statements.

Readers

are

cautioned

not

to

place

undue

reliance

on

these

forward-looking

statements

and

are

advised

to

carefully

review

the

risk

factors

described

in

other

documents

that

FNB

United

Corp.

files

from

time

to

time

with

the

Securities

and

Exchange

Commission,

including

the

Quarterly

Reports

on

Form

10-Q,

the

Annual

Report

on

Form

10-K,

and

other

required

filings.

FNB

UNITED

–

Presentation

Contents

•

Why FNB UNITED

•

Financial Statistics

•

Management & Culture

•

Business Strategy

•

Questions

Why FNB UNITED

•

Solid Franchise

Growth markets

Growth opportunities

Strong Culture

•

Historical Solid Operating Performance

•

Committed to Improved Future Performance

…

An Attractive Investment Opportunity

Why FNB UNITED -

Value

1907, as First National Bank of 

Asheboro

Founded:

118,000 +

44 Banking Offices

36 Communities in 17 N.C. Counties

Customers:

Locations:

$1.52 Billion

Deposits:

$1.56 Billion

Loans:

$2.07 Billion

Assets:

Top-10 Ranked Financial Service Company

HQ’d in North Carolina

Yes You Can

®

Yes We Can

®

The Yes!

Bank Franchise

FNB UNITED Acquisitions

28

$1,091 MM

TOTAL

OTHER

$25MM

Dover Mortgage Company

April 2003

Offices

Assets

BANKS

$680 MM

$151 MM

$134 MM

$126 MM

Integrity Financial Inc.

(Catawba Valley/First

Gaston/Northwestern Banks)

United Financial Inc.

(Alamance/Hillsborough Banks)

Rowan Bancorp.

(Rowan Savings Bank)

Carolina Fincorp. Inc

(Richmond Savings Bank)

17

May 2006

3

November 2005

3

August 2002

5

April 2000

Price / Book (%)

Price / Tangible Book (%)

*FNB United $6.05 as of 10/16/08

**SNL Data –

Banks between $1 -

$5 billion as of 10/16/08

***SNL Data –

NC State Public Bank Median as of 10/16/08

32.2

FNB United

Corp.*

160

SNL Banks

Peer Group**

68.9

FNB United

Corp.*

216.7

SNL Banks

Peer Group**

74.1

NC Banks***

82.4

NC Banks***

Value -

Investor Opportunity

Profitability

6.61%

2.71%

2.75%

FNB United Corp.*

SNL Banks Peer

Group**

NC Banks***

Dividend Yield (%)

*FNB United $6.05 as of 10/16/08

**SNL Data –

Banks between $1 -

$5 billion as of 10/16/08

***SNL Data –

NC State Public Bank Median as of 10/16/08

Financial Statistics

$1,302

$1,446

$1,589

$1,421

$1,441

$1,520

2006

2007

Q3-2008

2006

2007

Q3-2008

Loan and Deposit Growth

(In Millions)

Loan Growth

Deposit Growth

(unaudited)

(unaudited)

Q3/2008 –

Special Credit Provisions

•

Impact of Slowing NC Housing

Market –

Migration of Credit Grades

•

Provision to A.L.L.L. -

$9.4 MM

•

Past Dues –

1.104 %

•

Charge-Offs –

25 bp

(annualized)

•

Reflective of our Community

Banking Regions

•

No Out of Market Lending

•

No Sub-Prime Mortgages

•

No Non-Agency MBS/CMOs

•

No Fannie/Freddie Preferreds

Yes You Can

®

Yes We Can

®

Yes You Can

®

Yes We Can

®

Asset Composition

Loan Portfolio Composition

September 30, 2008

9%

13%

24%

12%

8%

20%

3%

7%

3%

Commercial & Industrial

CRE - Income Property

Commercial Owner-Occupied

(including construction)

1-4 Owner-Occupied (including

construction)

1-4 Residential Rental (including

construction)

Development, Land, & CRE

Construction

Consumer & Ag. RE

HELOC

Other Consumer

Approximately 87% secured by real estate

Variable rate loans account for approximately 69% of the total portfolio

Loan Portfolio Mix

Portfolio Detail

See

Appendices

For Additional

Loan Portfolio Stratification

0.47%

1.12%*

0.68%

0.80%

2004

0.22%

1.25%*

0.64%

0.76%

2005

0.16%

1.22%

0.82%

0.85%

2006

0.27%

1.20%

1.13%

1.29%

2007

0.248%

Net Charge Offs

Average Loans (annualized)

1.68%

Loan Loss Reserve

Total Loans Held for

Investment

2.29 %

NPA’s/Total Assets

2.57 %

Nonperforming Loans /

Total Loans Held for

Investment

Q3 2008

(unaudited)

Asset Quality

Asset Quality

*  Includes reserve for unfunded commitments

(See Appendix)

NPA's / Total Assets

0.00%

0.50%

1.00%

1.50%

2.00%

2.50%

3.00%

2005

2006

2007

Q1-2008

unaudtd

Q2-2008

unaudtd

Q3-2008

unaudtd

Asset Quality

Reserves v. Loss Experience

0.00%

0.20%

0.40%

0.60%

0.80%

1.00%

1.20%

1.40%

1.60%

1.80%

2005

2006

2007

Q1-2008

unaudtd

Q2-2008

unaudtd

Q3-2008

unaudtd

Reserve for Loan Losses / Total Loans HFI

Net Charge Offs / Average Loans

Asset Quality

HELOC Quality Statistics

•

Committed Lines -

-

$265,838,000

•

Outstanding Balances

-

$116,623,000

•

% Portfolio –

7.2%

•

Secured by 1st Lien –

Lines             –

36.5%   

Outstandings

–

32.7%

•

Lines exceeding 90%

Combined LTV -

1.8%

•

Impaired and Non

Accrual -

.20%

•

Delinquent > 29 days

-

.33%

•

Trailing 4 quarters’

loss -

.112%

Funding Mix

FHLB/FFP

13%

CD / IRA

49%

NOW

10%

IMM/SAV/Repo

19%

DDA

9%

Funding Portfolio

September 30, 2008

Funding Highlights

•

“CheckingONE”

–

rolled out September 2007

Debit Card Activity Requirement

Online Banking

eStatement

$37 million as of 09/30/2008 (41% new money)

Profitable since inception

•

“Positive Power”

and “Money MarketONE”

Insured Money Market Accounts

Temporary Above-Market Rate

$107,000,000 as of 09/30/2008 (61% new money)

Profitability

$12,187

$1,625

$12,361

$358

$752

$1,800

2006

2007

Q3-08 YTD

$1.25

$0.17

$1.09

$0.03

$0.07

$0.16

2006

2007

Q3-08 YTD

Operating Net Income

Operating Earnings Per Share

(In Thousands)

(unaudited)

(unaudited)

$13,812

$12,719

$2,552

$1.42

$1.12

$0.23

Reported Earnings

Goodwill Writedown

(Following Increased

Reserve Allocation)

(Following Increased

Reserve Allocation)

Profitability

4.20%

4.01%

3.44%

2006

2007

Q3-2008

Net Interest Margin

(unaudited)

Capital

•

Well Capitalized

•

Raised $15 million sub debt in second quarter 2008

•

$10 million revolving credit facility in second

quarter 2008

•

Reduced dividend in 2

nd

Quarter from $0.15 to

$0.10   (still greatly exceeds peer)

Impact on Capital –

$2,300,000/year

Target payout –

25-30% of operating earnings

FNB United Culture

Our Culture

•

Performance and Team Oriented

•

Participative and Positive

•

Service

•

Education / Training

•

Accountable

•

Hardest Part of Merger Integration

Participative and Positive

Yes you can.

®

CommunityONE

is the Yes Bank.  It is plainly stated in our

Yes you can

®

—

Yes we can

®

trademarks, and often repeated

in our customer service programs, company spirit campaigns

and

marketing

messages.

More

than

a

motto,

however,

Yes

is

our promise to help you reach your financial goals and dreams. 

This is what we do.  This is who we are.  For the past 100 years. 

And for the next 100, too.  Because when you believe in the

power of Yes, anything is possible.

The power of positive banking.

SM

Business Strategy –

Earnings and Growth

Opportunities

Core Strategies

•

Manage/Improve Asset Quality

•

Restore Historical Financial Performance

Stronger Pricing Models / Improve Deposit Mix

Grow Fee Income –

Wealth Management,

Mortgage Banking

Expense Control –

Staffing + Electronic

Transactions + New Project

•

Profitable Franchise Growth

Increase Penetration of Current Markets

Targeted DeNovo

Offices

Improving Financial Performance

Sales Initiatives –

Improve Funding Mix

•

Core Deposit Focus

New CheckingONE

Deposit (NOW) Account

New Money Market Account

Enhance Corporate Cash Management

Promote Remote Capture

Continued Low Reliance on Brokered Deposits

•

Take Advantage of Market Dislocation

Market Share Opportunity Caused by Dislocation

Source:  SNL Financial

Data as of 6/30/2008, pro forma for pending and recently completed acquisitions

Dislocation from current market turmoil creates an opportunity to capture share

Total

Total

Total

Total

Deposits

Market

Deposits

Market

Branch

in Market

Share

Branch

in Market

Share

FNBN's Top Five MSAs

Count

($000)

(%)

Count

($000)

(%)

Greensboro-High Point, NC

12

528,919

4.97

29

2,654,517

24.93

Hickory-Lenoir-Morganton, NC

5

195,384

4.40

11

771,340

17.37

Charlotte-Gastonia-Concord, NC-SC

6

176,029

0.16

81

75,657,341

69.42

Salisbury, NC

4

112,800

7.64

5

304,235

20.61

North Wilkesboro, NC

3

94,143

12.39

4

243,949

32.10

FNBN Zip Codes of Operation

Market Share Opportunity Caused by Dislocation

Source:  SNL Financial

Data as of 6/30/2008, pro forma for pending and recently completed acquisitions

Total

Total

Deposits

Market

Branch

in Market

Share

Rank

Institution

Count

($000)

(%)

1

Wachovia Corp. (NC)

43

3,029,940

18.97

2

BB&T Corp. (NC)

41

2,488,284

15.58

3

FNB United Corp. (NC)

45

1,489,189

9.32

4

SunTrust Banks Inc. (GA)

22

1,015,504

6.36

5

Bank of America Corp. (NC)

22

870,549

5.45

6

Royal Bank of Canada

20

721,623

4.52

7

First Citizens BancShares Inc. (NC)

18

615,924

3.86

8

Capital Bank Corp. (NC)

8

452,612

2.83

9

Carolina Bank Holdings Inc. (NC)

6

438,671

2.75

10

Bank of Granite Corp. (NC)

7

408,391

2.56

Top 10

232

11,530,687

72.19

Totals

378

15,972,387

100.00

Improving Financial Performance

Integration and Cost Savings Initiatives:

Improve profitability –

streamline operation

In depth analysis in process

•

Staffing –

Corporate, Retail and Operations

•

Vendor Management

•

Improved Management Reporting

Objective -

$4.0 -5.0 MM of opportunities

To date staff reductions $1.7 MM (annualized)

Non-interest Income increase -

$2.6 MM (annualized)

Wealth Management

•

Full suite of products and services offered

through experienced personnel.  Average of 24+

years experience

•

High Touch -

Face to Face meetings

•

Take Advantage of Market Dislocation

•

Technology used positively

Internet delivery of Investment Performance

Electronic Client Statements

24hr Account Access + online planning tools

•

Client Retention rate of 95% for the last 3 years

Wealth Management Revenues

$0.00

$200,000.00

$400,000.00

$600,000.00

$800,000.00

$1,000,000.00

$1,200,000.00

$1,400,000.00

$1,600,000.00

$1,800,000.00

$2,000,000.00

2004

2005

2006

2007

YTD 2008

The “New”

Dover Mortgage 

Now sub of Bank

New Leadership

New System & Operations

New Markets

Expanded Wholesale

Reverse Mortgages

Company Growth Strategy

•

Increase Penetration of Current Markets

Attractive Markets & Customer Base

•

De Novo Offices

Two New Offices in 2008 (Greensboro &

Cornelius)

One Office in 2009 –

Seven Lakes, N.C.

•

Promote Wealth Management/Mortgage -

Fee Businesses in CommunityONE

Bank

•

Increased Synergy With and Contribution From

Dover Mortgage

Summary

Summary –

Why FNB UNITED

•

Growing Company in Good Markets

•

Proven Integrator -

Fixer

•

Focused on Credit Quality and

Performance Improvement

…

equals …

Compelling Investment Opportunity

Questions?

Contact Information

Michael C. Miller

Chairman, President & CEO

Mike.Miller@MyYesBank.com

Mark A. Severson

Chief Financial Officer

Mark.Severson@MyYesBank.com

FNB United Corp.

CommunityONE

Bank, N.A.

150 S. Fayetteville Street

PO Box 1328

Asheboro, NC  27204

336.626.8300

Yes You Can

®

Yes We Can

®

Appendix I

Historical Asset Quality Measurements

0.00%

0.50%

1.00%

1.50%

2.00%

2.50%

3.00%

2005

2006

2007

Q1-2008 unaudtd

Q2-2008 unaudtd

Q3-2008 unaudtd

0.00%

20.00%

40.00%

60.00%

80.00%

100.00%

120.00%

140.00%

160.00%

180.00%

Nonperforming Loans / Total Loans HFI

Reserve

for

Loan

Losses

/

Total

Loans

HFI

Net Charge Offs / Average Loans

OREO

&

Repossessed

Assets

/

Total

Assets

Reserve for Loan Losses / NPL's

Appendix II -

Loan Portfolio Mix

Portfolio Composition

September 30, 2008

9%

13%

21%

3%

10%

3%

6%

12%

5%

3%

7%

3%

3%

3%

C&I

CRE - N/O

CRE O/O

Construction, Commercial, O/O

1-4 Residential 1st Mortgage, O/O

Construction, 1-4, O/O

1-4 Residential 1st Mortgage, N/O

Construction, 1-4, N/O

Construction, Commmercial, N/O

RE Development

Commercial, Land Only

Other RE, Consumer & Ag

HELOC

Other, non RE

Appendix III –

Real Estate Segmentation

Real Estate Portfolio Segment

Strata

Balances

(000's)

Strata /

Portfolio

Composition

Industry Segment

Segment

Balance

(000's)

Strata

Composition

Segment /

Portfolio

Composition

Commercial, Owner Occupied

273,793

19.4%

Hotels

26,351

9.6%

1.9%

Commercial Construction

15,576

5.7%

1.1%

Residential Construction

14,238

5.2%

1.0%

Other Real Estate Activities

14,164

5.2%

1.0%

Mini-Warehouses & Self Storage

11,581

4.2%

0.8%

Management Companies

9,469

3.5%

0.7%

Nursuing Care Facilities

6,511

2.4%

0.5%

All Others

175,902

64.2%

12.5%

Commercial Income Properties, Non-Owner Occupied

240,148

17.0%

Commercial Lessors

104,593

43.6%

7.4%

Residential Construction

31,211

13.0%

2.2%

Residential Lessors

29,685

12.4%

2.1%

Commercial Construction

17,472

7.3%

1.2%

Limited Service Restaurants

10,742

4.5%

0.8%

Land Subdivision

6,492

2.7%

0.5%

Real Estate Property Managers

6,368

2.7%

0.5%

Other Real Estate Activities

3,263

1.4%

0.2%

All Others

30,322

12.6%

2.1%

1-4 Residential, Owner-Occupied

160,639

11.4%

1-4 Residential, Non-Owner Occupied

94,239

6.7%

Construction, 1-4 Residential, Non-Owner Occupied

96,037

6.8%

Construction, 1-4 Residential, Owner-Occupied

39,910

2.8%

Commercial Construction, Non-Owner Occupied

31,475

2.2%

Commercial Lessors

10,006

31.8%

0.7%

Residential Construction

9,129

29.0%

0.6%

Commercial Construction

4,474

14.2%

0.3%

Residential Lessors

3,525

11.2%

0.2%

Real Estate Property Managers

1,255

4.0%

0.1%

Multifamily

832

2.6%

0.1%

All Others

2,255

7.2%

0.2%

Real Estate Portfolio Segment

Strata

Balances

(000's)

Strata /

Portfolio

Composition

Industry Segment

Segment

Balance

(000's)

Strata

Composition

Segment /

Portfolio

Composition

Commercial Construction, Owner Occupied

11,469

0.8%

Mini-Warehouses & Self Storage

5,814

50.7%

0.4%

Hotels

3,113

27.1%

0.2%

All Others

2,542

22.2%

0.2%

Land Development

186,908

13.2%

Residential Subdivision

151,466

81.0%

10.7%

Commercial Land Development

20,805

11.1%

1.5%

All Others

14,637

7.8%

1.0%

Land Only, Commercial

75,095

5.3%

Residential Developers

12,299

16.4%

0.9%

Residential Builders

12,035

16.0%

0.9%

Commercial Lessors

10,920

14.5%

0.8%

Commercial Builders

9,075

12.1%

0.6%

Residential Lessors

3,215

4.3%

0.2%

All Others

27,551

36.7%

2.0%

HELOC

116,623

8.3%

Consumer (not HELOC)

21,473

1.5%

Other Commercial

37,672

2.7%

Churches

24,908

66.1%

1.8%

Fire Protection

5,503

14.6%

0.4%

All Others

7,261

19.3%

0.5%

Farmland

26,648

1.9%

Total Real Estate-Secured Loan Portfolio

1,412,129

Appendix III –

Real Estate Segmentation