BLACKSBURG, Va., June 03, 2024 (GLOBE NEWSWIRE) -- National Bankshares, Inc. (Nasdaq: NKSH - "National Bankshares" or the "Company"), the holding company for The National Bank of Blacksburg ("National Bank"), completed its acquisition of Frontier Community Bank ("Frontier") effective June 1, 2024. Following the transaction, valued at approximately $16.07 million, National Bankshares now operates 27 full-service offices along with two loan production offices, and has approximately $1.8 billion in total assets.
Under the previously announced terms of the merger, each share of Frontier common stock was converted into $14.48 in cash or 0.4250 shares of National Bankshares common stock, with Frontier shareholders having the ability to elect the merger consideration to be received, subject to the allocation and proration procedures set forth in the merger agreement.
Frontier was merged with and into National Bank on June 1, 2024. The three former Frontier branches located in Waynesboro, Staunton, and Lynchburg, Virginia opened under the National Bank name on Monday, June 3, 2024.
Commenting on the completed merger, F. Brad Denardo, President and Chief Executive Officer of National Bankshares, said, "We are excited to welcome Frontier's customers, employees, and shareholders to the National Bankshares family. Frontier's customers have come to expect outstanding personalized service and local decision-making from bankers who care about their communities. That is exactly what we will continue to deliver as a combined organization, with the benefits of expanded service offerings, a larger branch footprint, and the opportunity to enhance shareholder return."
Alan Sweet, former President and Chief Executive Officer of Frontier, will serve on the boards of directors of National Bankshares and National Bank. He added, "National Bankshares and Frontier were very aligned in terms of culture and values, making this merger a natural fit. National Bankshares is well-positioned to continue Frontier's tradition of personalized customer service, and this merger will only serve to further benefit our customers, our bankers, and our shareholders."