Just days after First Union Corp. pumped up the volume on Virginia bank merger activity, a large community banking company is paying up for its debut in northern Virginia.

MainStreet Banking Group, Martinsville, Va., has agreed to pay $17.2 million in stock for $86.2 million-asset Tysons Financial Corp. That's about 2.3 times Tysons' June 30 tangible book value and almost 20 times trailing 12-month earnings.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.