First Community Bankshares to merge with Highlands Bankshares

NASDAQ:FCBC   First Community Bankshares, Inc

First Community Bankshares (NASDAQ:FCBC) agrees to merge with Highlands Bankshares (OTCQX:HLND) with First Community as the surviving entity.

Highlands Union Bank had total assets of ~$612M, and upon completion of the transaction, First Community is expected to have total consolidated assets over $2.8B.

Under the terms of the agreement, each share of Highlands common and preferred stock outstanding will receive 0.2703 First Community shares, which equates to $8.80/Highlands's share, with deal value of ~$91M.

First Community expects the acquisition to be neutral to tangible book value per share and to provide upper single digit accretion to earnings in the first year of the combination.


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