- Associated Press - Thursday, June 2, 2016

MOOREFIELD, W.Va. (AP) - Summit Financial Group Inc. says it is expanding its footprint in Virginia and West Virginia with plans to acquire First Century Bankshares Inc. in a deal worth about $43 million in cash and stock.

Moorefield-based Summit announced a definitive agreement Wednesday in a news release to acquire Bluefield-based First Century.

The release says the acquisition is expected to close late in the fourth quarter pending regulatory and First Century shareholder approval.

Summit is a $1.5 billion company with 15 banking locations in Virginia and West Virginia. First Century has $410 million in assets and 12 bank offices in both states.

Copyright © 2018 The Washington Times, LLC.

The Washington Times Comment Policy

The Washington Times is switching its third-party commenting system from Disqus to Spot.IM. You will need to either create an account with Spot.im or if you wish to use your Disqus account look under the Conversation for the link "Have a Disqus Account?". Please read our Comment Policy before commenting.


Click to Read More and View Comments

Click to Hide