Old Point Financial has agreed to acquire Virginia-based Citizens National Bank in cash and stock transaction of around $7.9 m.

Citizens National Bank offers banking services to its customers through Windsor, Virginia location. It has around $48 m in assets, loan book of $41m and deposits of value around $41m.

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Post acquisition Citizens National Bank will merge with Old Point’s wholly-owned subsidiary The Old Point National Bank.

Under the agreement, shareholders of Citizens National Bank will get 0.1041 shares of Old Point and cash of $2.19 for each share exchanged.

The deal has been approved b the boards of directors of both companies and is expected to be close in first quarter 2018, subject to Citizens National shareholders approval and regulatory approvals.

Citizens National president and CEO Jeffrey Noblin said: “Our board of directors is looking forward to joining forces with Old Point and considers this transaction to be an excellent opportunity for our shareholders as well as our customers.

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“We also believe our customers will realize the advantages inherent with a larger bank, including enhanced product variety and financial strength, while at the same time maintaining a very customer-focused approach to business.”

Old Point National Bank president and CEO Robert Shuford Jr. said: “We believe this to be a strategic transaction which expands our market position in Isle of Wight County, an area with compelling customer demographics and solid growth potential.”

Old Point approximately has assets of worth $1.0bn and operates across US through 19 branches.