Highlands Community Bank Announces Purchase Of Carter Bank & Trust Hot Springs Branch
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Covington, VA (Dec. 8, 2017) - Highlands Community Bank announced today that it has signed a purchase and assumption agreement to acquire the deposits and certain assets of the Hot Springs, Virginia office of Carter Bank and Trust. The transaction, which is subject to regulatory approvals and satisfaction of customary closing conditions, is expected to be completed during the second quarter of 2018.
Bryan Thompson, President & Chief Executive Officer of Highlands Community Bank said, “We are excited to grow and invest in Bath County and look forward to bringing our new customers the outstanding personalized service and commitment that our existing customers have come to expect. Our directors and staff are eager to welcome the Hot Springs Office customers to Highlands Community Bank. Since 2002, Highlands Community Bank has been committed to supporting our local businesses and residents and this transaction will enable to us better serve those in the community while increasing value for our shareholders.â€
Highlands Community Bank, the only bank headquartered in the Alleghany Highlands, opened in 2002 and currently has branches in Covington, Virginia and Clifton Forge, Virginia. At September 30, 2017, the Bank had approximately $142 million in assets and approximately $124 million in deposits. In addition to its branch locations, for convenience, the Bank has ATM’s at each location and offers electronic banking.
The Bank also just announced that it is now offering mobile banking that allows customers to transfer funds and pay bills, as well as, deposit checks remotely from their mobile device. Thompson added, “Our customers who have used our new mobile banking application have been extremely happy with how easy it is to use and with the convenience it offers – it is a first-class service.â€
Highlands Community Bank was advised in this transaction by Performance Trust Capital Partners, LLC as financial advisor and Gentry Locke Attorneys as legal counsel.
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