NITRO, W.Va. — Two banks in the Huntington-Charleston corridor announced Monday that they would merge.
First Sentry Bancshares, Inc., a Huntington-based bank, and Rock Branch Community Bank in Nitro have entered into a merger agreement where First Sentry will acquire Rock Branch.
First Sentry will pay a combination of cash and stock assets in the transaction, which is valued at about $7.4 million.
“Today is a great day for community banking in our region. The merger with Rock Branch Community Bank represents our entrance into Putnam County, and we are excited to become a meaningful participant in that community and region. We feel this combination of two strong, locally-owned and independent banks is what this region needs to not only foster economic expansion, but to also continue to meet the financial and civic needs of the communities we represent,” said First Sentry Bank CEO and President Geoffrey Sheils in a statement.
Rock Branch’s President, CEO and Chairman Joseph McDonie also approved of the merge.
“This is a special opportunity to bring together two community banks in West Virginia that share not only a deep commitment to customer, but a deep commitment to community as well,” he said.
The merger is still subject to satisfaction of various contractual conditions and the receipt of all regulatory and Rock Branch shareholder approvals.