BFTL - First National to acquire The Bank of Fincastle
First National (FBAK), the bank holding company of First Bank and The Bank of Fincastle (BFTL) signs merger.The combined company is expected to have ~$1.2B in assets, $868M in loans, $1B in deposits and 20 branch offices across Virginia.Company expects transaction to be ~10% accretive to earnings per share.The acquisition to happen for a combination of stock and cash valued at approximately $3.09 per share for each share of Fincastle’s common stock outstanding.Fincastle shareholders could elect, for each share of Fincastle common stock, to receive 0.1649 shares of First National stock, or $3.30 in cash, or a combination of stock and cash, subject to election and proration such that the aggregate consideration will consist of 80 percent First National stock and 20 percent cash. Transaction expected to close in Q3 2021.
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First National to acquire The Bank of Fincastle