The acquisition of Main Street Financial Services Corp., set to close in the second quarter of 2027, will add 21 branches to First Community’s footprint, along with $1.6 billion in assets.
Bluefield, Virginia-based First Community Bankshares will acquire Main Street Financial Services Corp. in a roughly $243 million deal that will extend the buyer’s footprint into Ohio, the companies announced Wednesday.
The transaction, set to close in the second quarter of 2027, will add $1.6 billion in assets to First Community’s bottom line, along with $1.4 billion in deposits and $1.3 billion in loans.
It also adds 21 branches to First Community’s 61-location spread. Seventeen of those are in the Buckeye State – new territory for the Virginia lender. The expansion would put First Community within an hour of downtown Cleveland.
Despite the pending proximity to such an urban center, First Community, in a press release, complimented Main Street’s “acumen in farm and agricultural lending,” calling its acquisition target a “high performing community bank.”
Indeed, Wooster, Ohio-based Main Street reported a 43% year-over-year jump in profit when it disclosed its third-quarter earnings Tuesday.
“Main Street brings talented bankers, a demonstrated ability to organically grow loans, and attractive markets in which to employ our customer-focused community banking,” William Stafford II, the chair and CEO of First Community’s holding company, said in a statement Wednesday.
Main Street’s other attractive market, to First Community, is West Virginia’s northern panhandle, where the Ohio lender counts four branches. 2 billion in assets before adjustments related to the transaction, the banks said.
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