First Community Bankshares, Inc. Announces Acquisition of Hometown Bancshares, Inc.
First Community Bankshares (NASDAQ: FCBC) has announced the acquisition of Hometown Bancshares in a stock-for-stock transaction valued at approximately $41.5 million. Under the agreement, Hometown shareholders will receive 11.706 shares of FCBC common stock for each Hometown share, equivalent to $472.10 per share.
The merger will expand First Community's presence in West Virginia, bringing its total consolidated assets to approximately $3.6 billion with 60 branch locations across four states. Union Bank, Hometown's subsidiary with $402 million in assets, will be integrated into First Community Bank. The transaction is expected to close in Q1 2026, subject to regulatory approvals and Hometown shareholder approval.
The deal is anticipated to provide high-single digit accretion to earnings per share with minimal dilution to tangible book value per share.
First Community Bankshares (NASDAQ: FCBC) ha annunciato l'acquisizione di Hometown Bancshares tramite una transazione azionaria valutata circa 41,5 milioni di dollari. Secondo l'accordo, gli azionisti di Hometown riceveranno 11,706 azioni di FCBC per ogni azione Hometown, pari a 472,10 dollari per azione.
La fusione amplierà la presenza di First Community in West Virginia, portando il totale degli asset consolidati a circa 3,6 miliardi di dollari con 60 filiali in quattro stati. Union Bank, la controllata di Hometown con 402 milioni di dollari in asset, sarà integrata in First Community Bank. La transazione dovrebbe concludersi nel primo trimestre del 2026, soggetta all'approvazione regolatoria e degli azionisti di Hometown.
L'accordo è previsto generare un incremento degli utili per azione a una cifra alta, con una minima diluizione del valore contabile tangibile per azione.
First Community Bankshares (NASDAQ: FCBC) ha anunciado la adquisición de Hometown Bancshares en una transacción accionaria valorada en aproximadamente 41,5 millones de dólares. Según el acuerdo, los accionistas de Hometown recibirán 11.706 acciones de FCBC por cada acción de Hometown, equivalente a 472,10 dólares por acción.
La fusión ampliará la presencia de First Community en West Virginia, elevando el total de activos consolidados a aproximadamente 3.600 millones de dólares con 60 sucursales en cuatro estados. Union Bank, subsidiaria de Hometown con 402 millones de dólares en activos, se integrará en First Community Bank. Se espera que la transacción cierre en el primer trimestre de 2026, sujeta a aprobaciones regulatorias y de los accionistas de Hometown.
Se anticipa que el acuerdo proporcionará un aumento de las ganancias por acción en cifras altas, con una dilución mínima del valor tangible en libros por acción.
퍼스트 커뮤니티 뱅크쉐어스 (NASDAQ: FCBC)가 약 4,150만 달러 규모의 주식 교환 거래를 통해 홈타운 뱅크쉐어스를 인수한다고 발표했습니다. 계약에 따라 홈타운 주주들은 홈타운 주식 1주당 FCBC 보통주 11.706주를 받게 되며, 이는 주당 472.10달러에 해당합니다.
이번 합병으로 퍼스트 커뮤니티는 웨스트버지니아에서의 입지를 확대하여 총 통합 자산이 약 36억 달러에 이르고, 4개 주에 걸쳐 60개 지점을 운영하게 됩니다. 홈타운의 자회사인 유니언 뱅크는 4억 2천만 달러의 자산을 보유하고 있으며 퍼스트 커뮤니티 뱅크에 통합될 예정입니다. 이번 거래는 규제 승인과 홈타운 주주 승인에 따라 2026년 1분기에 완료될 예정입니다.
이번 거래는 주당순이익(EPS)을 높은 단일 자리 수로 증가시키면서 주당 유형자산가치 희석은 최소화할 것으로 예상됩니다.
First Community Bankshares (NASDAQ : FCBC) a annoncé l'acquisition de Hometown Bancshares dans le cadre d'une transaction en actions évaluée à environ 41,5 millions de dollars. Selon l'accord, les actionnaires de Hometown recevront 11,706 actions ordinaires de FCBC pour chaque action Hometown, soit l'équivalent de 472,10 dollars par action.
La fusion permettra à First Community d'étendre sa présence en Virginie-Occidentale, portant le total des actifs consolidés à environ 3,6 milliards de dollars avec 60 agences réparties dans quatre États. Union Bank, filiale de Hometown avec 402 millions de dollars d'actifs, sera intégrée à First Community Bank. La transaction devrait être finalisée au premier trimestre 2026, sous réserve des approbations réglementaires et de l'accord des actionnaires de Hometown.
Cette opération devrait générer une augmentation des bénéfices par action à un chiffre élevé avec une dilution minimale de la valeur comptable tangible par action.
First Community Bankshares (NASDAQ: FCBC) hat die Übernahme von Hometown Bancshares in einer Aktientauschtransaktion im Wert von etwa 41,5 Millionen US-Dollar angekündigt. Gemäß der Vereinbarung erhalten die Hometown-Aktionäre für jede Hometown-Aktie 11,706 FCBC-Stammaktien, was einem Wert von 472,10 US-Dollar pro Aktie entspricht.
Die Fusion wird die Präsenz von First Community in West Virginia erweitern und die konsolidierten Gesamtaktiva auf etwa 3,6 Milliarden US-Dollar mit 60 Filialen in vier Bundesstaaten erhöhen. Die Union Bank, eine Tochtergesellschaft von Hometown mit 402 Millionen US-Dollar an Vermögenswerten, wird in die First Community Bank integriert. Der Abschluss der Transaktion wird für das erste Quartal 2026 erwartet, vorbehaltlich behördlicher Genehmigungen und der Zustimmung der Hometown-Aktionäre.
Es wird erwartet, dass der Deal eine hohe einstellige Steigerung des Gewinns je Aktie bei minimaler Verwässerung des materiellen Buchwerts je Aktie bietet.
- Expansion to 60 branch locations across 4 states, strengthening regional presence
- Addition of $402 million in assets from Union Bank, growing total consolidated assets to $3.6 billion
- High-single digit EPS accretion expected
- Strong deposit base acquisition in the Parkersburg-Marietta-Vienna MSA
- Enhanced product offerings including Trust and Wealth Management services for Union Bank customers
- Minimal dilution to tangible book value per share expected
- Integration risks and potential disruption to business operations
- Stock-based transaction resulting in share dilution for existing FCBC shareholders
Insights
First Community's acquisition of Hometown Bancshares offers strategic deposit growth, minimal dilution, and expected high-single digit EPS accretion.
First Community Bankshares is acquiring Hometown Bancshares in an all-stock transaction valued at approximately
This acquisition aligns perfectly with First Community's strategic goals in several ways. First, it expands FCBC's West Virginia presence, particularly in the Parkersburg-Marietta-Vienna metropolitan statistical area. Second, it focuses on growing low-cost core deposits, which are increasingly valuable in the current banking environment. Post-acquisition, First Community will grow from
From a financial perspective, the transaction metrics appear favorable. Management expects the deal to be minimally dilutive to tangible book value while providing high-single digit accretion to earnings per share. This suggests a reasonable acquisition premium that shouldn't significantly impact FCBC's capital position while providing meaningful earnings enhancement.
The transaction has received unanimous board approval from both companies but still requires Hometown shareholder approval and regulatory clearances. The expected closing timeframe is Q1 2026, with Union Bank's CEO Tim Aiken joining First Community's team post-acquisition. The integration will provide Hometown's customers with enhanced capabilities, including Trust and Wealth Management services, higher lending limits, and improved technology offerings.
BLUEFIELD, Va., July 21, 2025 (GLOBE NEWSWIRE) -- First Community Bankshares, Inc. (“First Community”) (NASDAQ: FCBC), headquartered in Bluefield, VA, and Hometown Bancshares, Inc. (“Hometown”), headquartered in Middlebourne, WV, jointly announced today their entry into an Agreement and Plan of Merger (the “Agreement”). Pursuant to this Agreement, First Community will acquire Hometown, and First Community’s banking subsidiary, First Community Bank, will acquire Hometown’s banking subsidiary, Union Bank, Inc. As of June 30, 2025, Union Bank had total assets of approximately
This merger aligns with First Community’s strategic focus on growing low-cost core deposits and positions the combined entity to expand its presence in the Parkersburg-Marietta-Vienna MSA. “First Community has a 150-year history of community banking excellence in West Virginia. Our partnership with Hometown and Union Bank is a natural expansion into West Virginia markets that are similar in size and makeup to the locations where we’ve had great success across our broader banking footprint. We look forward to bringing the two franchises together to better serve our customers and local communities” said Gary R. Mills, President and CEO of First Community Bank.
Tim Aiken, President, CEO and Director of Hometown and Union Bank, commented, “When considering a long-term partner, we sought a community-minded bank that shares our commitment to providing top-tier banking services with that personal touch. Also, First Community Bank will bring services to our communities that Union Bank currently does not provide, such as Trust and Wealth Management services. We are confident that our combined franchise will serve our communities well and continue to create value for our customers, shareholders, and employees.”
“We are pleased to announce our partnership with Union Bank. This collaboration will further strengthen our robust banking franchise in West Virginia. We believe First Community will benefit from Union’s strong deposit base, while Union’s customers will enjoy the advantages of increased scale, higher lending limits, and enhanced product and technology offerings from First Community,” said William (Will) P. Stafford, II, Chairman and Chief Executive Officer of First Community.
The Agreement provides for the merger of Hometown with and into First Community, with First Community as the surviving corporation. Under the terms of the Agreement, each outstanding share of Hometown common stock will be converted into the right to receive 11.706 shares of First Community common stock, which equates to
The transaction, which received unanimous approval from both First Community’s and Hometown’s Boards of Directors, is subject to customary closing conditions, including the approval of Hometown’s shareholders and the receipt of all required regulatory approvals. The transaction is expected to be consummated in the first quarter of 2026. At that time, First Community anticipates welcoming Union Bank’s Chief Executive Officer, Tim Aiken, to the First Community team.
D.A. Davidson & Co. served as financial advisor to First Community, and Bowles Rice LLP served as legal counsel. Hovde Group, LLC served as financial advisor to Hometown, and Hunton Andrews Kurth LLP served as legal counsel.
About First Community Bankshares, Inc.
First Community is a financial holding company headquartered in Bluefield, Virginia that provides banking products and services through its wholly owned subsidiary First Community Bank. First Community Bank operates 52 branch banking locations in Virginia, West Virginia, North Carolina, and Tennessee. The company reported consolidated assets of
About Hometown Bancshares, Inc.
Hometown, located in Middlebourne, WV, offers banking products and services through its wholly owned subsidiary Union Bank. Union Bank operates eight locations in Northern West Virginia and has assets totaling
Investor Contacts:
David D. Brown
Chief Financial Officer
First Community Bankshares, Inc.
Phone: (276) 326-9000
Important Information for Shareholders
This press release shall not constitute an offer to sell, the solicitation of an offer to sell, or the solicitation of an offer to buy any securities or the solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. In connection with the proposed transaction, First Community Bankshares, Inc. (“First Community or FCBC”) will file a registration statement on Form S-4 with the Securities and Exchange Commission (the “SEC”), which will contain the proxy statement of Hometown Bancshares, Inc. (“Hometown”) and a prospectus of First Community. Shareholders of Hometown are encouraged to read the registration statement, including the proxy statement/prospectus that will be part of the registration statement, because it will contain important information about the proposed transaction, Hometown, and First Community. After the registration statement is filed with the SEC, the proxy statement/prospectus and other relevant documents will be mailed to Hometown shareholders and will be available for free on the SEC’s website (www.sec.gov) and First Community’s website at https://ir.fcbresource.com under the tab “SEC Filings”. The proxy statement/prospectus will also be made available for free by contacting the Corporate Secretary of First Community at P.O. Box 989, Bluefield, Virginia 24605-0989; telephone (276) 326-9000. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
Participants in the Transactions
First Community, Hometown and their respective directors, executive officers and certain other members of management and employees may be deemed “participants” in the solicitation of proxies from Hometown’s shareholders in favor of the merger with First Community. Information regarding the persons who may, under the rules of the SEC, be considered participants in the solicitation of the Hometown shareholders in connection with the proposed merger will be set forth in the proxy statement/prospectus when it is filed with the SEC.
You can find information about the executive officers and directors of First Community in its Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on March 7, 2025, and in its definitive proxy statement filed with the SEC on March 10, 2025. You can find information about Hometown’s executive officers and directors by accessing Hometown’s website at www.hometownbanc.bank under the tab “About Union Bank” and then under the heading “About Us”. You can obtain free copies of these documents from First Community using the contact information above.
Forward-Looking Statements
This joint press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements, including statements regarding the intent, belief, or current expectations of First Community’s management regarding the company’s strategic direction, prospects, or future results or the benefits of the proposed transaction, are subject to numerous risks and uncertainties. These forward-looking statements are based upon the current beliefs and expectations of the respective managements of First Community and Hometown and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the control of First Community and Hometown. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Actual results may differ materially from the anticipated results discussed in these forward-looking statements because of possible uncertainties. The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements: (1) the risk that the cost savings and revenue synergies anticipated in connection with the proposed transaction may not be realized or may take longer than anticipated to be realized, (2) disruption from the proposed transaction with customers, suppliers, or employee or other business relationships, (3) the occurrence of any event, change, or other circumstances that could give rise to the termination of the Agreement and plan of merger, (4) the risk of successful integration of the two organizations’ businesses, (5) the failure of Hometown shareholders to approve the proposed transaction, (6) the amount of costs, fees, expenses, and charges related to the proposed transaction, (7) the ability to obtain required governmental and regulatory approvals for the proposed transaction, (8) reputational risk and the reaction of the parties’ customers to the proposed transaction, (9) the failure of the conditions to closing of the proposed transaction to be satisfied, (10) the risk that the integration of Hometown’s operations with those of First Community will be materially delayed or will be more costly or difficult than expected, (11) the possibility that the proposed transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events, (12) the dilution caused by First Community’s issuance of additional shares of its common stock in the proposed transaction, (13) changes in management’s plans for the future, (14) prevailing economic and political conditions, particularly in our market areas, (15) credit risk associated with our lending activities, (16) changes in interest rates, loan demand, real estate values, and competition, (17) changes in accounting principles, policies, or guidelines, (18) changes in applicable laws, rules, or regulations, and (19) other competitive, economic, political, and market factors affecting our business, operations, pricing, products, and services. Certain additional factors which could affect the forward-looking statements can be found in First Community’s annual reports on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K, in each case filed with or furnished to the SEC and available on the SEC’s website at http://www.sec.gov. First Community and Hometown caution that the foregoing list of factors is not exclusive. All subsequent written and oral forward-looking statements concerning the proposed transaction or other matters attributable to First Community or Hometown or any person acting on their behalf are expressly qualified in their entirety by the cautionary statements above. First Community and Hometown disclaim any obligation to update or revise any forward-looking statements contained in this press release, which speak only as of the date hereof, whether as a result of new information, future events, or otherwise.
FAQ
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