First National, the holding company of First Bank, has completed its previously announced acquisition of The Bank of Fincastle.
The deal closed around a week after the shareholders of the companies green lighted the transaction.
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In February, First National signed agreed to acquire Fincastle to bolster its presence in its home market in Virginia. At the time of announcement, the cash-and-stock deal was valued at $31.6m.
With the merger now complete, Fincastle merged with and into First Bank. The former Bank of Fincastle branches will now operate a division of First Bank until the integration of systems is complete.
The combined lender will have assets around $1.2bn in assets, $868m in loans and $1.1bn in deposits.
First National president and CEO Scott Harvard said: “We are pleased to announce the completion of the merger with The Bank of Fincastle and excited to be joining forces with a team of dedicated local bankers committed to their customers and communities.
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By GlobalData“We believe that our combined companies will provide significantly more resources to small business customers across all of our markets while positively impacting our communities like we have for our combined two centuries in business.
“Since 1875 in Fincastle and 1907 in Strasburg, our companies have a legacy of service unmatched by most banks in Virginia. We look forward to working with our employees and customers to continue the legacy.”
