Summit Financial returns to M&A to build scale in West Virginia
Summit Financial Group in Moorefield, W.Va., has agreed to buy Cornerstone Financial Services in West Union, W.Va.
The $2.3 billion-asset Summit said in a press release Tuesday that it will pay $28.5 million in cash and stock for the $170 million-asset Cornerstone. The deal is expected to close early next year.
Cornerstone marks Summit's first deal announcement since it agreed to buy Peoples Bankshares in July 2018.
Lorraine Brisell, Cornerstone’s president, will join Summit as a market president.
“This transaction represents an exceptional opportunity … to combine with a financially strong and exceptionally well-managed bank possessing a culture and core values similar to ours,” H. Charles Maddy III, Summit’s president and CEO, said in the release.
The deal “not only further expands Summit’s community banking footprint into the central region of West Virginia, but it permits both Cornerstone’s and Summit’s clients the added convenience of more banking locations,” Maddy added.
Cornerstone was advised by D.A. Davidson and Bowles Rice. Summit was advised by Hunton Andrews Kurth.