First Bank is set to acquire Bank of America’s (BofA) branches in six locations in the Shenandoah Valley and central Virginia regions.
The branches to be acquired in the Shenandoah Valley region are located in Woodstock, Elkton, Staunton and Waynesboroare, while the branches in the central Virginia region are located in Dillwyn and Farmville.
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First Bank is planning to hire all the employees of the closed branches.
The acquisition is scheduled for completion by the second quarter of next year, subject to regulatory approval and customary closing conditions.
First Bank, which operates 10 retail banking branches, had $519m in total assets as of September 30. The bank is expected to add about $308m of deposits with this acquisition.
Nicole Nastacia, spokesperson for BofA, said "We constantly adapt our banking center network to fit customers’ changing needs and habits. That includes consolidating centers where we have overlap, investing in new centers where there’s a high growth opportunity, and in select instances, selling some centers when an outright closure would leave associates with few employment opportunities, and customers with no convenient banking center."
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