First Group Bankshares, Inc. Completes Acquisition of


BLUEFIELD, Va., Dec. 31, 2019 (GLOBE NEWSWIRE) — First Group Bankshares, Inc. (NASDAQ: FCBC) (www.firstcommunitybank.com) is happy to announce completion of its merger with Highlands Bankshares, Inc., efficient after the shut of enterprise on December 31, 2019. Instantly following the merger, Highlands Union Financial institution, the wholly-owned banking subsidiary of Highlands, merged with and into First Group Financial institution, the wholly-owned banking subsidiary of First Group. 

With the merger, First Group considerably expands its current group banking relationships, customer support places, and community of native banking professionals in southwestern Virginia, northwestern North Carolina, and japanese Tennessee.

The acquired Highlands places will open as First Group Financial institution branches the morning of January 2, 2020. Though Highlands clients is not going to be transformed to First Group’s working system till the vacation weekend of January 18-21, Highlands clients might proceed utilizing all Highlands branches and different banking shops (ATM’s web banking, and many others.) and, as well as, might start utilizing First Group branches on January 2.

“On behalf of First Group’s board of administrators and staff, we’re delighted that Highlands has joined First Group. We couldn’t be extra happy to welcome Highlands’ clients and staff to the First Group household and sit up for offering even higher service to our current First Group clients and to our new Highlands clients by means of our expanded department presence,” mentioned William P. Stafford, II, Chairman and Chief Govt Officer of First Group. “Having now labored with the parents at First Group, I’m satisfied that the Highlands board of administrators chosen the absolute best associate for our clients, shareholders and staff. This merger additional demonstrates First Group’s dedication to southwestern Virginia, northwestern North Carolina, and japanese Tennessee and solidifies its presence as an integral a part of these communities,” mentioned Robert W. Moser, Jr., Chairman of Highlands.

About First Group Bankshares, Inc.

First Group Bankshares, Inc., a monetary holding firm headquartered in Bluefield, Virginia, supplies banking services by means of its wholly owned subsidiary First Group Financial institution. First Group Financial institution operated 44 department banking places in Virginia, West Virginia, North Carolina, and Tennessee as of September 30, 2019. First Group Financial institution provides wealth administration and funding recommendation by means of its Belief Division and First Group Wealth Administration, which collectively managed and administered $1.08 billion in mixed property as of September 30, 2019. The Firm reported consolidated property of $2.21 billion as of September 30, 2019. The Firm’s widespread inventory is listed on the NASDAQ International Choose Market beneath the buying and selling image, “FCBC”. Extra investor info is accessible on the Firm’s web site at www.firstcommunitybank.com.

This information launch might embrace forward-looking statements. These forward-looking statements are primarily based on present expectations that contain dangers, uncertainties, and assumptions. Ought to a number of of those dangers or uncertainties materialize or ought to underlying assumptions show incorrect, precise outcomes might differ materially. These dangers embrace: modifications in enterprise or different market circumstances; the well timed growth, manufacturing and acceptance of latest services; the problem of managing asset/legal responsibility ranges; the administration of credit score threat and rate of interest threat; the problem of holding expense development at modest ranges whereas growing revenues; and different dangers detailed infrequently within the Firm’s Securities and Alternate Fee studies together with, however not restricted to, the Annual Report on Type 10-Ok for the newest fiscal yr finish. Pursuant to the Personal Securities Litigation Reform Act of 1995, the Firm doesn’t undertake to replace forward-looking statements to mirror circumstances or occasions that happen after the date the forward-looking statements are made.



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