- 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.


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