Parkway Acquisition, the bank-holding company of Skyline National Bank, has closed the previously announced acquisition of Great State Bank in a stock transaction valued at approximately $14.5m.

As per the terms of the merger agreement announced in March this year, for each share of Great State common stock, its shareholders received 1.21 shares of Parkway common stock.

Parkway president and CEO Allan Funk said: “With the legal merger now complete, we are committed to making the customer transition as seamless as possible.

“We believe that our customers prefer to do business locally, and we want to be the bank of choice for those customers who prefer the personal experience of a local bank and service that is Always Our Best.

“Greg Edwards and the Great State team are the right people to introduce the Skyline commitment to local banking in Watauga, Wilkes and Yadkin counties.”

Great State president and CEO Greg Edwards said: “This combination provides a natural extension of neighbouring banks with a shared mission and purpose to offer an unmatched customer experience serving hometown businesses in our region.”

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The merged entity will manage 20 bank branches and will own assets of approximately $700m, deposits of over $600m and shareholders’ equity of over $70m.

Great State will operate as a division of Skyline National Bank pending conversion of operating systems and the Great State offices are renamed as Skyline National Bank in September this year.