Frontier Community Bank sign.
Waynesboro-based Frontier Community Bank has been acquired by The National Bank of Blacksburg. Photo by Matt Busse.

A Blacksburg-based bank company has completed its acquisition of a Waynesboro-based bank, acquiring three branches.

National Bankshares Inc. (NASDAQ:NKSH), the holding company for the National Bank of Blacksburg, acquired Frontier Community Bank in a deal valued at approximately $16.07 million, according to a news release.

The merger was completed on Saturday and Frontier’s three branches in Staunton, Waynesboro and Lynchburg began operating under the National Bank name on Monday.

“Frontier’s customers have come to expect outstanding personalized service and local decision-making from bankers who care about their communities,” National Bankshares President and CEO F. Brad Denardo said in the news release. “That is exactly what we will continue to deliver as a combined organization, with the benefits of expanded service offerings, a larger branch footprint, and the opportunity to enhance shareholder return,” 

With the addition of Frontier Community Bank’s branches, the Blacksburg bank now has 27 full-service offices, two loan production offices and about $1.8 billion in assets.

As of Sept. 30, Frontier had about $154 million in assets.

The deal was announced in January. Under its terms, each share of Frontier stock was converted into $14.48 in cash or 0.425 shares of National Bankshares stock.

Alan Sweet, former president and CEO of Frontier, will serve on the boards of directors of National Bank and its holding company.

“National Bankshares and Frontier were very aligned in terms of culture and values, making this merger a natural fit,” Sweet said in the release.

Matt Busse covers business for Cardinal News. He can be reached at matt@cardinalnews.org or (434) 849-1197.