An Alexandria, Va., company formed last year for the purpose of acquiring community banks has struck its first deal.
Community Bankers Acqusition Corp. announced Thursday that it would buy the $280 million-asset TransCommunity Financial Corp. in Glen Allen, Va., for $48.5 million in stock.
Gary A. Simanson, Community Bankers president and chief executive, said in a news release that the acquisition of TransCommunity would provide “an excellent platform from which to build a larger community banking frnachise,”
The deal is expected to close in the fourth quarter, at which time Mr. Simanson would join TransCommunity as vice chairman.
Bruce B. Nolte, TransCommunity’s president and CEO, said in an interview Thursday that the deal would provide his company with an infusion of capital and talent and stressed that current management would not be giving up any control.
TransCommunity has established four community banks since it was founded in 2001. It recently collapsed the four charters into one, though the individual banks continue to operate under their originial names and with their own market presidents.
