FNB Corp. Christiansburg, Va., and Virginia Financial Group Inc. of Culpeper have announced plans to conduct a merger of equals to form a banking company with more than $3 billion of assets, making it the largest in Virginia.
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FNB's First National Bank has 27 branches and $1.5 billion of assets. Virginia Financial is the holding company for the $703 million-asset Second Bank and Trust and the $848 million-asset Planters Bank and Trust Co. of Virginia. The two banks have 41 branches combined.
The deal is expected to close next quarter.
