CHRISTIANBURG, Va. - FNB Corp. said Tuesday that it is buying CNB Holdings Inc. of Pulaski, Va., for $11.2 million.

The cash-and-stock transaction, scheduled to close in the fourth quarter, would create a company with assets of $570 million and 14 branch offices.

First National Bank and Community National Bank would retain their names and local management teams, and Community National would become a subsidiary of FNB Corp., said J. Daniel Hardy, FNB's president and chief executive officer. "We are locally focused," he said. "We think there is value in a community name."

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