India, Jan. 24 -- National Bankshares, Inc. (NKSH), the parent company of The National Bank of Blacksburg, announced on Wednesday that it will acquire Frontier Community Bank for approximately $17.1 million.
Under the terms of the agreement, shareholders of Frontier will receive either 0.4250 shares of National Bankshares or $14.48 in cash for their shares.
Post-acquisition, Frontier will merge into the National Bank of Blacksburg, the company stated.
The transaction is expected to close in the second quarter of 2024.
Further, the company said that Frontier had total assets of around $154 million on September 30, 2023.
In the pre-market activity, shares of National Bankshares are trading at $32.50, up 0.87 percent on the Nasdaq.
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