Summit Financial Group in Moorefield, W.Va., has agreed to buy First Century Bankshares in Bluefield, W.Va.

The $1.5 billion-asset Summit said in a press release Wednesday that it will pay $42.8 million in cash and stock for the $410 million-asset First Century. The deal is expected to close late in the fourth quarter.

"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, as well as the same commitment to build long-term client relationships by providing service beyond expectations," Charles Maddy 3rd, Summit's president and chief executive, said in the release.

The acquisition "not only expands Summit's community banking footprint into southwest West Virginia and southwestern Virginia, it also notably will provide us the opportunity to offer trust services throughout our bank's market area," Maddy added.

First Century was advised by Sandler O'Neill and Bowles Rice. Summit was advised by Hunton & Williams.

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