Banking

First Community in Virginia purchasing small-business lending institution in North Carolina

First Community Bankshares in Bluefield, Virginia, has actually consented to get Surrey Bancorp in Mount Airy, North Carolina, for $113.2 million.

The all-stock offer, anticipated to close in the 2nd quarter, would offer the $3.2 billion-asset First Community an extra $500 countless possessions and providing groups focusing on little to midsize industrial customers. Surrey’s bank system, Surrey Bank & Trust, likewise has proficiency in government-guaranteed loan programs.

Surrey Bancorp President Pedro Pequeno II in addition to other magnates and lenders prepare to sign up with the First Community group, according to a news release Friday revealing the offer.

First Community Bankshares in Virginia prepares to get Surrey Bancorp in North Carolina for $113.2 million.

chokniti – stock.adobe.com

“First Community’s commercial loan customers will benefit from Surrey’s government guarantee lending expertise, and Surrey’s customers will benefit from the additional scale, increased lending limits, and enhanced product and technology offerings,” William Stafford II, chairman and CEO of First Community, stated in the release.

First Community anticipates the deal to be minimally dilutive to its concrete book worth per share while offering mid-single-digit accretion to incomes per share.

Performance Trust Capital Partners functioned as monetary advisor, and Bowles Rice LLP was the legal counsel to First Community. Raymond James & Associates was the monetary advisor, and Brooks, Pierce, McLendon, Humphrey & Leonard LLP was the legal counsel to Surrey Bancorp.

Gabriel

A news media journalist always on the go, I've been published in major publications including VICE, The Atlantic, and TIME.

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