M&A Deal Summary

Summit Financial Group Acquires First Century Bankshares

On June 1, 2016, Summit Financial Group acquired financial services company First Century Bankshares for 43M USD

Acquisition Highlights
  • This is Summit Financial Group’s 2nd transaction in the Financial Services sector.
  • This is Summit Financial Group’s 2nd largest (disclosed) transaction.
  • This is Summit Financial Group’s 3rd transaction in the United States.
  • This is Summit Financial Group’s 1st transaction in West Virginia.

M&A Deal Summary
Date 2016-06-01
Target First Century Bankshares
Sector Financial Services
Buyer(s) Summit Financial Group
Deal Type Add-on Acquisition
Deal Value 43M USD
Advisor(s) Sandler O'Neill + Partners LP (Financial)
Bowles Rice (Legal)

Target

First Century Bankshares

Bluefield, West Virginia, United States
First Century Bankshares, Inc. is a provider of financial services.

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Buyer(S) 1

Buyer

Summit Financial Group

Moorefield, West Virginia, United States
Category Company
Founded 1987
Sector Financial Services
Employees415
Revenue 144M USD (2022)
DESCRIPTION

Summit Financial Group is a financial holding company that provides community banking services. Summit Financial Group was founded in 1987 and is based in Moorefield, West Virginia.

DEAL STATS #
Overall 3 of 7
Sector (Financial Services) 2 of 6
Type (Add-on Acquisition) 2 of 5
State (West Virginia) 1 of 2
Country (United States) 3 of 7
Year (2016) 2 of 2
Size (of disclosed) 2 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-02-29 Highland County Bankshares

Monterey, Virginia, United States

Highland County Bankshares, Inc. is a bank holding company. Highland County provides banking and other financial services to individuals and businesses.

Buy $22M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-07-24 Peoples Bankshares

Montross, Virginia, United States

Peoples Bankshares, Inc. is a bank holding company provides financial services. Peoples Bankshares was founded in 1913 and is based in Montross, Virginia.

Buy $26M
Mergr

Product

Company

Legal