F&M National Corp. of Winchester, Va., has a deal to expand in Maryland.
The $3.3 billion-asset company said this week that it has agreed to buy $79 million-asset Community Bankshares, of Bowie, Md., for $13.1 million. Community stockholders are to receive 0.75 shares of F&M common stock for each of their shares.
Alfred B. Whitt, F&M vice chairman, president, and chief operating officer, said Community, which has four branches, is in a prime location - the Baltimore-Washington suburbs.
He added that F&M, a multibank holding company with 128 branches, is looking at other banks in the area but has no further deals in the works.
Community Bank of Maryland would be merged with F&M-Allegiance, a subsidiary in Bethesda. The deal is expected to close by the first quarter of 2001.