Pinnacle Bankshares wraps up merger with Virginia Bank Bankshares
Pinnacle Bankshares, the holding company for First National Bank, has wrapped up its merger with Virginia Bank Bankshares, the holding company for Virginia Bank and Trust.
According to Pinnacle Bankshares, the merger of Virginia Bank and Trust into First National Bank has also been completed, to create an enlarged community banking network in Central and Southern Virginia.
The enlarged First National Bank will have a total of 17 branches, with an 18th branch to open shortly in Forest, Virginia.
Pinnacle Bankshares will operate the former branches of Virginia Bank and Trust as a division of First National Bank until operating systems are converted next February.
The combined company has total assets of around $796 million, deposits of nearly $719 million, and net loans of about $572 million, based on financial information as of 30 June 2020.
Pinnacle Bankshares wraps up merger with Virginia Bank Bankshares
Aubrey H. Hall III – Pinnacle Bankshares President and CEO said: “We are excited about Pinnacle and Virginia Bank’s strategic partnership. Together we are well positioned to serve our communities and customers in Central and Southern Virginia and provide enhanced returns to our shareholders.”
As per the terms of the deal announced in January 2020, shareholders of Virginia Bank Bankshares will get to elect to receive $16.00 of cash or 0.5000 shares of Pinnacle Bankshares common stock for each share of Virginia Bank Bankshares common stock held.
In the combined bank holding company, the original Pinnacle Bankshares’ shareholders will own 71%, while the remaining 29% stake will be held by the original shareholders of Virginia Bank Bankshares.