National Bankshares (NKSH) has released an update to notify the public and investors about an entry into a material definitive agreement.
National Bankshares, Inc., The National Bank of Blacksburg, and Frontier Community Bank agreed to a merger where FCB will merge into the Bank, with conditions including stock and cash exchange options for FCB shareholders, regulatory approvals, and more than two-thirds FCB shareholder approval. FCB stock options will be converted to cash payments, and a current FCB Board member will join the Boards of the Company and the Bank. The merger is expected to close in the second quarter of 2024, subject to various closing conditions and the possibility of a termination fee if FCB is acquired by another entity. Additionally, FCB directors and executive officers have committed to support the merger through signed Support Agreements.
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