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First Community Bankshares, Inc. Announces Acquisition of Main Street Financial Services Corp.

FCBCMSWV
  • First Community Bankshares, Inc. (NASDAQ: FCBC) & Main Street Financial Services Corp. (OTCQX: MSWV) signed an Agreement and Plan of Merger on October 28, 2026.
  • Main Street will merge into First Community, which will remain the surviving corporation.
  • Main Street Bank Corp. will merge into First Community Bank.
  • Main Street reported approximately $1.6 billion in assets as of September 30, 2026.
  • The combined organization is expected to report approximately $5.2 billion in assets before transaction-related adjustments.
  • The transaction expands First Community's operations to five states & strengthens its presence in West Virginia & Eastern Ohio.
  • The merger combines Main Street Bank's organic loan growth with First Community's core deposits, liquidity, & lending capacity.
  • Mark R. Witmer, Main Street's Chairman, President, & CEO, will join First Community Bank's executive team as President of the Ohio Region.
  • One Main Street board member will join the boards of First Community & First Community Bank.
  • Each share of Main Street common stock will be converted into the right to receive 0.6174 shares of First Community common stock plus cash for fractional shares.
  • The exchange ratio represents approximately $30.14 per Main Street share based on First Community's 10-day volume-weighted average price.
  • The aggregate transaction value is approximately $243 million.
  • Both boards of directors have unanimously approved the Agreement.
  • Completion is subject to shareholder approval, regulatory approvals, & other customary closing conditions.
  • The transaction is expected to close in early 2027.
  • D.A. Davidson & Co. advised First Community, while Bowles Rice LLP served as transaction counsel.
  • Raymond James & Associates, Inc. advised Main Street, while Dinsmore & Shohl LLP served as transaction counsel.
  • First Community Bank operated 61 branches in Virginia, West Virginia, North Carolina, & Tennessee as of September 30, 2026.
  • First Community reported consolidated assets of $3.6 billion as of September 30, 2026.