First Community Bancshares Inc. (FCBC) and Peoples Bank of Virginia jointly announced the signing of a definitive merger agreement under which First Community will acquire Peoples for a total valuation of approximately $40.6 million.
Following the merger Jim Atkinson and Quentin Corbett will remain involved in the operation supporting the continued growth of the combined franchise in the market.
William Pruitt will also join the board of directors for First Community Bank and Marshall McCall Jr. will assume the position of Vice President and Richmond City Executive joining Richard Ocheltree, Regional President for Eastern Virginia.
As per the terms of the merger agreement, which has been unanimously approved by the boards of directors of both companies, shareholders of Peoples will receive $6.08 per share in cash and 1.07 First Community shares for each common share of Peoples.
First Community expects the transaction to be accretive to earnings in the first full year of the combination. It is anticipated that the transaction will be consummated in the second or third quarter of 2012, after receipt of regulatory approvals, the approval of Peoples shareholders, and other closing conditions.
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