CHARLESTON, W.Va. — Allegheny Bancshares Inc. and Mount Hope Bankshares Inc. on Thursday announced they will be merging.

Allegheny Bancshares will acquire Mount Hope for $58 per share. The aggregate consideration of the transaction is nearly $21.8 million.

Pendleton Community Bank will absorb Bank of Mount Hope through the agreement.

“We are excited with the opportunity to join our company with The Bank of Mount Hope whose culture and strong performance will only further strengthen our company, expand our footprint and provide more banking options for customers of Pendleton Community Bank and Bank of Mount Hope,” said William Loving Jr., Allegheny Bancshares’ president and chief executive officer.

The deal is expected to close by the end of the year.