First Community to acquire Peoples Bank of Va

BLUEFIELD, Va. (AP) -- First Community Bancshares Inc. plans to acquire Peoples Bank of Virginia in a deal valued at about $40.6 million.

The acquisition is expected to be completed in the second or third quarter of 2012, after regulators approve the merger.

The companies announced the merger agreement Thursday in a news release.

Peoples Bank of Virginia shareholders will receive $6.08 per share in cash and 1.07 First Community shares for each common share of Peoples.

Richmond-based Peoples Bank of Virginia operates four branches in the Richmond metropolitan area. It had $286 million in assets as of Dec. 31, 2011.

Bluefield, Va.-based First Community is a $2.16 billion financial holding company. It is the parent company of First Community Bank, which has 55 locations in Virginia, West Virginia, North Carolina and Tennessee.

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