Highlands Bankshares, Inc. | Stephens

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Financial Advisor And Fairness Opinion

Highlands Bankshares, Inc.

$91 Million 09/11/2019 Depository Complete
Lead Banker: Brian Branson
Private Companies
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Transaction Details

  • Abingdon, VA-based Highlands Bankshares, Inc. (“Highlands”), parent company of Highlands Union Bank and Bluefield, VA-based First Community Bankshares, Inc. (“First Community”), parent company of First Community Bank, jointly announced their entry into an agreement and plan of merger
  • The combination will bring together two traditional Southwestern Virginia community banks who serve the Highlands region in Virginia, as well as Western North Carolina and East Tennessee
  • Upon completion of the transaction, First Community is expected to have total consolidated assets in excess of $2.8 billion
  • First Community plans to establish an Advisory Board to maintain a close connection with customers in the Highlands Region
  • Each share of Highlands common and preferred stock outstanding immediately prior to the merger will be converted into the right to receive 0.2703 shares of First Community common stock, which equates to $8.80 per share of Highlands common stock and an aggregate transaction value of approximately $91.0 million based on First Community’s recent 20-day average closing price
  • The transaction is expected to be consummated in the fourth quarter of 2019
Sources: Company filings, SNL Financial and publicly available information
  1. (1) Based on a FCBC’s 20-day average closing price of $32.56 as of September 10, 2019

    (2) Reflects Q’2 2019 GAAP financial data for Highlands Bankshares, Inc. and First Community Bankshares, Inc.

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