First Community Bancshares Inc. of Bluefield, Va., has agreed to sell its branch in Clifton Forge to Sonabank of Charlottesville for $4 million.
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The branch holds $46 million of deposits, according to the $2 billion-asset First Community, which announced the deal late Friday.
Sonabank opened in April. It is being run by Georgia Derrico and Rod Porter, the husband-and-wife team who founded Southern Financial Corp. of Warrenton in 1986 and managed the company until selling it to Provident Bancshares Corp. of Baltimore for $330 million last year. The two managers also helped to found Sonabank.
The Clifton Forge branch would be Sonabank's second. It expects to complete the acquisition this year.
