FALLS CHURCH, Va. -- First Virginia Banks Inc. said it has agreed in principle to acquire Cleveland Bank and Trust Co. of Cleveland, Tenn.
First Virginia, which has $6.9 billion of assets, said it will exchange 11.5 of its shares for each one of Cleveland Bank, for an indicated value of about $53 million.
Cleveland Trust has $225 million of assets and six offices in Bradley County. The pending acquisitions of Cleveland and of United Southern Bank of Morristown, when completed, would bring First Virginia to $550 million of Tennessee assets.
