FNB Corp. in Christiansburg, Va., on Tuesday announced its second acquisition in less than a month.
The parent company of First National Bank is buying SWVA Bancshares of Roanoke, Va., the holding company for Southwest Virginia Savings Bank, in a stock-and-cash deal valued at $8.93 million, said Peter Seitz, FNB's executive vice president and general counsel.
On July 11 FNB announced it was buying CNB Holdings Inc. of Pulaski, Va., the corporate parent of Community National Bank, in an $11.2 million stock-and-cash transaction.
Both deals are scheduled to close in the fourth quarter.
FNB would have $650 million of assets if both deals are completed. Southwest Virginia Savings Bank and Community National Bank would keep their charters and their independent boards of directors, Mr. Seitz said. "We are going to do our best to have them operate exactly as they did the day before the mergers."
More merger announcements are possible as FNB works to build its presence in Southwest Virginia, Mr. Seitz said.
"I cannot say we are going to stop tomorrow," he said. "If other opportunities arise, we will look at them."
