WARRENTON, Va. South Financial Bancorp said Thursday that it would enter the southern Virginia market by buying $92.3 million-asset Metro-County Bank of Virginia in Richmond for $ 19.2 million in cash and stock.
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South Financial would pay $7.25 per Metro-County share. Metro-County has five branches.
Georgia C. Derrico, the chief executive officer of the $792 million-asset buyer, said that it had been planning to extend its rapidly growing branch network into Richmond for some time, and that it plans to add more Richmond branches.
