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Acquisitions and Divestitures
 6 Months Ended
Jun. 30, 2016
Acquisitions and Divestitures
Note 2. Acquisitions and Divestitures

On July 15, 2016, the Company completed the previously announced branch exchange with First Bank, North Carolina, pursuant to which the Bank swapped a portion of its North Carolina branch network for First Bank’s Virginia branch network. Under the agreements, the Bank acquired seven branches in Southwestern Virginia with deposits totaling approximately $134 million and exchanged six branches in the Winston-Salem and Mooresville areas of North Carolina with deposits totaling approximately $111 million. Additionally, the swap included approximately $154 million of loans. The branch exchange complements the Bank’s 2014 acquisition of seven branches from Bank of America. The net impact of the branch exchange is immaterial to the Company’s consolidated financial statements.