The agreement has been unequivocally approved by the boards of directors of both companies, and in compliance with the terms of the deal, shareholders of Peoples Bank of Virginia will receive $6.08 per share in cash and 1.07 First Community shares for each common share of Peoples.
William Pruitt will also join the board of directors for First Community Bank and Marshall McCall Jr. will take the post of vice president and Richmond city executive Richard Ocheltree will join as the regional president for Eastern Virginia.
First Community hopes to complete the deal to be accretive to earnings in the first full year of the integration.
The transaction is expected to finish in the second or third quarter of 2012, after receipt of regulatory approvals, the approval of Peoples shareholders, and other closing conditions.
