One Valley Bancorp, Charleston, W.Va, has agreed to acquire Raphine, Va.-based Summit Bankshares for $68 million of stock.

"This acquisition provides us with an opportunity to extend our franchise into the high-growth Shenandoah Valley," said J. Holmes Morrison, One Valley's president and chief executive officer.

The deal calls for Summit's bank subsidiary, $199 million-asset Bank of Rockbridge, to become part of One Valley's growing Virginia franchise. Bank of Rockbridge has nine branches in seven Virginia towns. Summit would be One Valley's fourth acquisition in Virginia. The three other deals gave the $5.5 billion-asset company 37 branches in the state. One Valley also operates 78 branches in West Virginia. The deal is expected to close by the end of the third quarter.

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