HENDERSONVILLE, N.C. Four years after it opened for business, MountainBank is making its first acquisition and it says others may be coming. In a deal announced Tuesday, $405 million-asset MountainBank agreed to buy $77.5 million-asset First Western Bank in Burnsville, N.C., for $19 million. Western has seven branches in markets that border MountainBanks markets.
J.W. Davis, the chief executive officer of MountainBank, said it may make several more deals in the near future. We would like to be at $1 billion in assets in two to three years, and we feel that realistically we cannot reach that critical mass by de novo alone.
The deal is expected to close in December.