National Bankshares, Inc. Completes Acquisition of Frontier Community Bank

Core Viewpoint - National Bankshares, Inc. has successfully completed the acquisition of Frontier Community Bank, enhancing its operational footprint and total assets [1][4]. Summary by Sections Acquisition Details - The acquisition of Frontier Community Bank was valued at approximately $16.07 million and became effective on June 1, 2024 [1][2]. - Following the merger, National Bankshares operates 27 full-service offices and two loan production offices, with total assets amounting to approximately $1.8 billion [1]. Shareholder Consideration - Each share of Frontier common stock was converted into either $14.48 in cash or 0.4250 shares of National Bankshares common stock, with shareholders having the option to elect their preferred form of consideration [2]. Operational Integration - The three former Frontier branches in Waynesboro, Staunton, and Lynchburg, Virginia, reopened under the National Bank name on June 3, 2024 [3]. Leadership and Cultural Alignment - F. Brad Denardo, President and CEO of National Bankshares, expressed enthusiasm about welcoming Frontier's customers and employees, emphasizing the commitment to personalized service and community engagement [4]. - Alan Sweet, former CEO of Frontier, will join the boards of directors of both National Bankshares and National Bank, highlighting the cultural and value alignment between the two organizations [4]. Company Overview - National Bankshares, Inc. is headquartered in Blacksburg, Virginia, and operates as the parent company of The National Bank of Blacksburg and National Bankshares Financial Services, Inc., with a focus on community banking [5].