Five weeks after opening its first branch in Lynchburg, Va., American National Bankshares Inc. has agreed to buy a community bank that is headquartered there.
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The Danville, Va., company said it will pay $33.9 million in stock and cash for the $165 million-asset Community First Financial Corp. Founded in 1999, Community First has three branches in Lynchburg and one in Lovingston, about 40 miles north.
The $616 million-asset American National expects to complete the deal, announced Wednesday, next quarter. It plans to merge Community First into the 96-year-old American National Bank.
