First Community Bankshares to acquire Surrey Bancorp for ~$113.2M in stock

FIRST COMMUNITY BANKSHARES INC /VA/

Surrey shareholders to receive 0.7159 FCBC shares per Surrey share, valued at $26.95/share.
Surrey Bank & Trust has ~$500M assets; combined entity >$3.6B in assets across four states.
Transaction expected to close in Q2 2023; minimally dilutive to TBV, mid-single digit EPS accretion.
Two Surrey board members to join First Community Bank board; key executives including Peter Pequeno to join.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

FIRST COMMUNITY BANKSHARES INC /VA/ entered into Agreement and Plan of Merger with Surrey Bancorp valued at approximately $113.20 million (effective 2022-11-17).

Action: entry
Agreement: merger
Counterparty: Surrey Bancorp
Value: approximately $113.20 million
Effective: 2022-11-17

Exact text from the filing

On November 17, 2022, First Community Bankshares, Inc. (“First Community”) entered into an Agreement and Plan of Merger (the “Agreement”) with Surrey Bancorp (“Surrey”), a North Carolina corporation headquartered in Mt. Airy, North Carolina under which First Community will acquire Surrey for a total valuation of approximately $113.20 million based on First Community’s recent 10-day volume-weighted average price.

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FIRST COMMUNITY BANKSHARES INC /VA/ filing history →

Source: SEC EDGAR

accession 0001437749-22-027708

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