FNB Financial Services Corp. of Reidsville, N.C., said it would acquire Black Diamond Savings Bank of Norton, Va., for about $18 million in stock.
The deal, announced late Friday, would bring FNB into Virginia for the first time. The $413 million-asset parent of FNB Southeast operates 10 branches, all in North Carolina.
Black Diamond shareholders would receive 1.3333 shares of FNB stock for each of their own. That works out to about $21.50 per Black Diamond share.'
Black Diamond, a $131 million savings and loan with four branches, would become a subsidiary. The purchase is expected to take place in the third quarter.