First Community Bankshares to merge with Highlands Bankshares
First Community Bankshares (NASDAQ:FCBC) agrees to merge with Highlands Bankshares (OTCQX:HLND) with First Community as the surviving entity.
Highlands Union Bank had total assets of ~$612M, and upon completion of the transaction, First Community is expected to have total consolidated assets over $2.8B.
Under the terms of the agreement, each share of Highlands common and preferred stock outstanding will receive 0.2703 First Community shares, which equates to $8.80/Highlands's share, with deal value of ~$91M.
First Community expects the acquisition to be neutral to tangible book value per share and to provide upper single digit accretion to earnings in the first year of the combination.
source
For more analysis and articles visit our website .
