F&M Bank Corp. in Timberville, Va., has acquired Valley Southern Title in Harrisonburg, Va.
The $745 million-asset parent of Farmers & Merchants Bank closed its acquisition of the title company on Monday, according to a Wednesday news release. Terms were not disclosed.
F&M Bank was interested in Valley Southern Title because the bank and its subsidiary VBS Mortgage, a mortgage loan originator in Harrisonburg, were only minority members in a separate title company. The acquisition of Valley Southern made sense because "we just wanted to have greater control and greater input" with its title company, Neil Hayslett, F&M Bank's chief administrative officer, said in an interview.
Valley Southern Title was founded in 1985 and provides title insurance and real estate settlement services.