Virginia-based First Community Bankshares plans to acquire Surrey Bancorp in a transaction worth approximately $113 million.
Late last week, the $3.1 billion banking group announced a planned acquisition that it said would add about $500 million in assets to its balance sheet. Surrey has seven of his locations in North Carolina and Virginia.
Subsidiaries First Community Bank and Surrey Bank & Trust will merge, with the former being the surviving company, following the closing of the transaction, which is expected in the second quarter of next year.
Sally CEO Edward Ashby III said: “When considering a long-term partner, we look for a bank that shares our values of providing the highest level of banking services to our community, respects our employees and performs at the level our shareholders deserve. At First Community, we have found all of these qualities and are confident that our combined franchise will continue to create value for all stakeholders.”
William Stafford II, Chairman and CEO of First Community, said the combination will enable his bank’s clients to tap into its expertise in government-guaranteed lending, while its Surrey clients will benefit from expanding scale, products and technology. I added that it can be profitable.
Mr Ashby of Surrey and another director will join First Community Bank’s Board of Directors. “Key Officers and Employees” It also plans to transition to the merged company, according to a statement.
Earlier this month, the Washington Federal announced plans to acquire Luther Burbank Corporation for approximately $654 million. The transaction, when completed in the second quarter of 2023, will create him a $29 billion banking group in total assets.
Separately, Missouri-based Commerce Bank acquired LJ Hart & Company, a specialist in underwriting municipal bonds. Commerce Bank Chairman and CEO Bob Holmes said the deal “Two like-minded Missouri-based institutions that share a fundamental mission to build customer relationships through superior customer service.”
Meanwhile, HAS Bank, a subsidiary of Webster Financial Corporation, acquired 4,800 medical savings accounts from Inland Banks and Trusts, with an estimated $15.5 million in deposits between them.
Finally, Great Lakes Advisors, an asset management subsidiary of Wintrust Financial Corporation headquartered in Illinois, has agreed to acquire two investment businesses from Rothschild & Co North America. In total, about $8 billion in assets will be transferred, according to the statement.
