BLUEFIELD, W.Va. — Summit Financial Group of Moorefield and First Century Bankshares, Inc. of Bluefield announced the signing of a definitive merger agreement Thursday.
Summit will acquire all of the outstanding shares of common stock of First Century in exchange for cash in the amount of $22.50 per share or 1.2433 shares of Summit common stock.
First Century shareholders will have a right to receive cash, Summit’s common stock or a combination of cash and Summit common stock, subject to proration to result in approximately 35% cash and 65% aggregate stock consideration.
“Partnering with First Century not only expands Summit’s community banking footprint into southwest West Virginia and southwestern Virginia, it also notably will provide us the opportunity to offer trust services throughout our Bank’s market area, a capability which we currently do not possess. Our top priority is to make sure First Century’s clients experience a smooth transition,” said Summit President and CEO H. Charles Maddy III.
By partnering with Summit, our customers will still be able to see familiar faces and know that we will maintain the relationships that have been built over the years. This will include local decision making and expanded lending limits to grow valued relationships into the future,” said First Century President and CEO Frank Wilkinson.