First Community Bancshares Inc. in Bluefield, Va., plans to sell two of its branches for $1.1 million.
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The $1.9 billion-asset company said Friday that it would sell its branch in Drakes Branch to the $69 million-asset Smith River Community Bank in Martinsville and its branch in Rowlesburg, W.Va., to the $260 million-asset Clear Mountain Bank in Bruceton Mills, W.Va.
Both deals are expected to close next quarter.
John M. Mendez, First Community's chief executive officer, said in a press release that it plans to use the proceeds to help finance its continued expansion into larger markets in the Southeast.
First Community recently announced plans to open branches in Richmond, Va., and Winston-Salem, N.C.
