An Alexandria, Va., company formed last year to buy community banks says it has struck its first deal.
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Community Bankers Acquisition Corp. announced Thursday that it would buy the $280 million-asset TransCommunity Financial Corp. for $48.5 million in stock.
Gary A. Simanson, Community Bankers' president and chief executive, said in a press release that the deal for Glen Allen, Va.-based TransCommunity would provide "an excellent platform from which to build a larger community banking franchise."
The deal is expected to close in the fourth quarter, at which time Mr. Simanson is to join TransCommunity as vice chairman.
