National Bankshares, the holding company of the National Bank of Blacksburg, is getting larger.
Earlier this week NB announced it had acquired Frontier Community Bank.
Following the transaction, valued at approximately $16.07 million, National Bankshares now operates 27 full-service offices along with two loan production offices, and has approximately $1.8 billion in total assets.
Under the previously announced terms of the merger, each share of Frontier common stock was converted into $14.48 in cash or 0.4250 shares of National Bankshares common stock, with Frontier shareholders having the ability to elect the merger consideration to be received, subject to the allocation and proration procedures set forth in the merger agreement.
Frontier was merged with and into National Bank June 1, 2024. The three former Frontier branches located in Waynesboro, Staunton, and Lynchburg opened under the National Bank name Monday, June 3, 2024.
Commenting on the completed merger, F. Brad Denardo, President and Chief Executive Officer of National Bankshares, said, “We are excited to welcome Frontier’s customers, employees, and shareholders to the National Bankshares family. Frontier’s customers have come to expect outstanding personalized service and local decision-making from bankers who care about their communities. That is exactly what we will continue to deliver as a combined organization, with the benefits of expanded service offerings, a larger branch footprint, and the opportunity to enhance shareholder return.”
Alan Sweet, former President and Chief Executive Officer of Frontier, will serve on the boards of directors of National Bankshares and National Bank. He added, “National Bankshares and Frontier were very aligned in terms of culture and values, making this merger a natural fit. National Bankshares is well-positioned to continue Frontier’s tradition of personalized customer service, and this merger will only serve to further benefit our customers, our bankers, and our shareholders.”
National Bankshares, Inc., headquartered in Blacksburg, Virginia, is the parent company of The National Bank of Blacksburg, which does business as National Bank, and of National Bankshares Financial Services, Inc. National Bank is a community bank operating from 27 full-service offices in southwest and central Virginia, and two loan production offices in Roanoke and Charlottesville, Virginia. National Bankshares Financial Services, Inc. is an investment and insurance subsidiary in the same trade area. The Company’s stock is traded on the Nasdaq Capital Market under the symbol “NKSH.”
Staff report
