South Branch Valley Corp., Moorefield. W.Va., has applied to the Federal Reserve to acquire the remaining 60% stake in Capital State Bank in Charleston, W.Va.

South Branch Valley, with assets of $127 million, acquired 40% of $40 million-asset Capital State this year for about $5 million. According to Capital State chief executive officer Michael H. Hudnall, South Branch has offered $7.9 million-$11.01 per share-for the remaining shares of two-year- old Capital State.

Mr. Hudnall said the Capital State Bank name would remain, and that the merger would be largely transparent to customers. He added that the deal is good for Capital State's shareholders because it would give them a in a stake in a bank company that has been in business since 1883 and has posted record earnings for at least eight consecutive years.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.