Benchmark Bankshares in Kenbridge, Va., has agreed to buy a branch in Emporia, Va., from First Community Bankshares in Bluefield, Va.
The $1 billion-asset Benchmark said in a press release that it will also buy the deposits housed at the branch. No loans are changing hands.
The branch had $65.8 million of deposits in June 2021, based on the most recent data from the Federal Deposit Insurance Corp.
The deal is expected to close later this year. Benchmark did not disclose the price it will pay.
Benchmark entered Emporia in September 2018.
“Since moving to Emporia … we have looked for an opportunity to move into a larger, full-service facility in the community,” Jay Stafford, Benchmark’s president and CEO, said in the release.
“Our current location has served as a wonderful introduction to the Emporia community,” Stafford added.