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Note 15 - Subsequent Event
 6 Months Ended
Jun. 30, 2025
Notes to Financial Statements  
Subsequent Events [Text Block]

Note 15. Subsequent Event

 

After the close of business on July 19, 2025, the Company entered into an Agreement and Plan of Merger (the “Agreement”) with Hometown Bancshares, Inc., a West Virginia corporation (“Hometown”), under which the Company will acquire Hometown (the “Merger”). Hometown will cease to exist and the Company will survive and continue to exist as a Virginia corporation. The Agreement provides that at the effective time of the Merger each share of Hometown common stock outstanding immediately prior to the effective time will be converted into the right to receive 11.706 shares of the Company’s common stock, which equates to $472.10 per share of Hometown common stock based on a closing price for the Company’s common stock of $40.33 as of July 18, 2025.

 

Following the effective time of the Merger, Union Bank, Inc., a wholly-owned subsidiary of Hometown, will merge with and into the Company’s wholly-owned subsidiary, First Community Bank (the “Bank Merger”). First Community Bank will survive the Bank Merger and continue to exist as a Virginia banking corporation.