XML 26 R10.htm IDEA: XBRL DOCUMENT v3.22.0.1
Note 2 - Acquisitions and Divestitures
12 Months Ended
Dec. 31, 2021
Notes to Financial Statements  
Business Combination Disclosure [Text Block]

Note 2. Acquisitions and Divestitures

 

On December 31, 2019, the Company acquired Highlands Bankshares, Inc. (“Highlands”) of Abingdon, Virginia. Under the terms of the acquisition, each share of Highlands’ common and preferred stock outstanding immediately converted into the right to receive 0.2703 shares of the Company’s stock.  The transaction combined two traditional Southwestern Virginia community banks who serve the Highlands region in Virginia, North Carolina, and Tennessee. The total purchase price for the transaction was $86.65 million. Goodwill of $36.82 million was added as a result of the acquisition.