Summit Financial Group in Moorefield, W.Va., has agreed to buy Peoples Bankshares in Mullens, W.Va.
The $2.1 billion-asset Summit said in a press release Tuesday that it will pay $25.5 million in cash and stock for the $131 million-asset Peoples. The deal is expected to close early next year.
“This transaction represents an exceptional opportunity for Summit 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 in Wyoming and Raleigh Counties of West Virginia, but permits both [banks’] clients the added convenience of more banking locations provided by our combined organizations,” Maddy added. “Our top priority now is to make sure Peoples’ clients experience a smooth transition.”
Peoples was advised by Ambassador Financial Group and Jackson Kelly. Summit was advised by Bowles Rice.