National Bankshares in Blacksburg, Va., has agreed to buy Frontier Community Bank in Waynesboro, Va.
The $1.6 billion-asset National Bankshares said in a press release that it will pay $17.1 million in cash and stock for the $154 million-asset Frontier. The deal is expected to close in the second quarter.
“We believe that our compatible cultures and shared values will enhance our position as a true Virginia community bank,” Brad Denardo, National Bankshares’ chairman, president and CEO, said in the release.
The acquisition will “help us achieve a higher level of financial performance for our shareholders by gaining meaningful entry into markets with attractive growth opportunities,” he added.
All of Frontier’s executive officers and directors have entered into support agreements to vote for the sale.
Piper Sandler and Williams Mullen advised National Bankshares. Performance Trust Capital Partners and Woods Rogers Vandeventer Black advised Frontier.