A start-up commercial bank in Burnsville, N.C., said it has a deal to buy Mitchell Bancorp in nearby Spruce Pine for about $19.6 million of cash and stock.

First Western Bank, with $8.1 million of assets, would exchange 1.6 share for each share of Mitchell stock or pay roughly $20 per share for those acquired with cash. No more than 49.9% of the deal is to be financed with cash.

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