F&M National Corp. in Winchester, Va., announced Thursday that it is acquiring Atlantic Financial Corp. in Newport News, Va., for $70.6 million in stock.

F&M, a $3.2 billion-asset holding company with 10 banks in three states, said it pursued the deal to get instant entry into Virginia's fast-growing Tidewater region. Atlantic , which has $385.5 million of assets, has 15 branches in southeastern Virginia.

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