Press release
First Community Bankshares, Inc. Announces Signing of Definitive Merger Agreement with Highlands Bankshares, Inc.
BLUEFIELD, Va., Sept. 11, 2019 (GLOBE NEWSWIRE) -- Bluefield, VA-based First Community Bankshares, Inc. (“First Community”) (NASDAQ: FCBC), parent company of
About this update from First Community Bankshares, Inc.
[{"type":"text","content":"BLUEFIELD, Va., Sept. 11, 2019 (GLOBE NEWSWIRE) -- Bluefield, VA-based First Community Bankshares, Inc. (“First Community”) (NASDAQ: FCBC), parent company of First Community Bank (which operates in Tennessee under the trade name People’s Community Bank), and Abingdon, VA-based Highlands Bankshares, Inc. (“Highlands”) (OTCQX: HLND), parent company of Highlands Union Bank, jointly announced today their entry into an agreement and plan of merger pursuant to which First Community will acquire Highlands and its wholly-owned bank subsidiary, Highlands Union Bank. As of June 30, 2019, Highlands Union Bank had total assets of approximately $612 million. Upon completion of the transaction, First Community is expected to have total consolidated assets in excess of $2.8 billion.\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n This combination will bring together two traditional southwestern Virginia community banks who serve the Highlands region in Virginia, North Carolina and Tennessee. “We are excited to join forces with the Highlands Union Bank team to continue to provide the highest level of service to our customers and the local communities we serve,” said Gary Mills, President and CEO of First Community Bank. Mr. Mills continued, “We welcome Highlands’ customers, employees and shareholders. We believe this highly strategic affiliation will mutually benefit our shareholders, customers and employees.” Bryan Booher, Interim CEO and President of Highlands, commented, “First Community will be an excellent partner when it comes to culture, commitment to customer satisfaction, and involvement in our local communities. Our customers will have access to a broader product offering and branch network while continuing to receive service that exceeds their expectations. Our employees will join a familiar culture and our shareholders will enjoy the benefits of being part of a high-performing $2.8 billion asset franchise.” “This natural partnership brings like-minded bankers and customers together to create an even stronger franchise to serve the people and communities of the tri-state Highlands region … both banks’ stakeholders are an integral part of this area and share its values of hard-work and community involvement,” said Will Stafford, Chairman and Chief Executive Officer of First Community. The agreement and plan of merger provides fo...