CHRISTIANSBURG, Va. - In a move that would bolster its presence in southwest Virginia, FNB Corp. of Christiansburg plans to acquire $240 million-asset Salem Community Bankshares Inc. of Salem for about $40 million in stock and cash.
The $700 million-asset FNB announced the deal Wednesday, just over four months after it closed a deal with SWVA Bancshares in Roanoke, Salem's neighbor.
J. Daniel Hardy, the president and chief executive officer of FNB, said that Salem was an attractive partner because it is in the largest metropolitan area contiguous with FNB's market and, along with the SWVB acquisition, would give FNB one of the largest market shares in the Roanoke Valley.
Salem Bank and Trust, Salem's subsidiary, would retain its name as well as its board of directors and employees at its six branches.
The deal is expected to close in the fourth quarter.