First Community Bancshares Inc. of Bluefield, Va., plans to make its second acquisition in North Carolina in less than a year.
The $2.13 billion-asset company said last week that it had agreed to buy TriStone Community Bank of Winston-Salem, a five-year-old state-chartered bank, for $10 million in stock.
Stockholders of the $152 million-asset TriStone would receive 0.5262 shares of First Community common stock for each of their shares. The price is roughly 70% of TriStone's book value.
The deal is expected to close next quarter.
First Community said it expects the purchase to boost its tangible book value and tangible common equity ratio at the closing and to increase profits next year, after cost cuts are made. The company would also get two more branches in the Winstom-Salem area, where it currently has five. First Community currently has 59 branches in five states.
In the fourth quarter it bought Coddle Creek Financial Corp. in Mooresville for $33.1 million.