First Community Bankshares, based in Bluefield, Virginia, is acquiring Ohio-based Main Street Financial Services Corp.
Under the agreement, Main Street’s banking subsidiary, Main Street Bank, will merge into First Community’s banking subsidiary, First Community Bank. Main Street Bank has approximately $1.6 billion in assets. The combined organization is expected to have approximately $5.2 billion in assets.
The transaction will strengthen First Community’s franchise in West Virginia and establish a meaningful presence in Eastern Ohio markets. Further, it will expand First Community’s banking operations to five states.
“Main Street Bank is a high performing community bank, presenting a balance sheet and loan asset generation very complimentary to First Community Bank’s liquidity and balance sheet management. They possess a high acumen in farm and agricultural lending which will allow First Community to better serve its longstanding rural markets. Mark Witmer is an outstanding individual and banker who has provided Main Street exemplary leadership as President and CEO. We couldn’t be more excited about Mark joining our executive team as President of the Ohio Region,” Gary Mills, president and CEO of First Community Bank, said.
The deal is valued at approximately $243 million.
“This partnership represents an exciting next chapter for Main Street and an attractive opportunity for our shareholders, customers and employees. We have built a strong community banking franchise through disciplined lending, exceptional customer service and longstanding relationships in the markets we serve. By joining First Community, we will gain the financial strength, lending capacity and expanded capabilities of a larger organization while preserving the local relationships and personalized service that have been central to our success,” Mark Witmer, chairman, president and CEO of Main Street, said.
The agreement has been approved by the boards of directors of First Community and Main Street. It remains subject to approval by the shareholders of both companies, regulatory approvals, and other customary closing conditions. The transaction is expected to close early in the second quarter of 2027.
“This partnership brings together complementary strengths benefiting both organizations,” William Stafford II, chairman and CEO of First Community, said. “Main Street brings talented bankers, a demonstrated ability to organically grow loans, and attractive markets in which to employ our customer-focused community banking. First Community brings liquidity from a strong core deposit franchise, disciplined capital management, and the resources of a larger organization. Together, we can offer customers higher lending limits and enhanced products and technology while creating opportunities for growth and operating efficiencies.”
After the deal closes, one member of Main Street’s board of directors will join the boards of First Community and First Community Bank. Also, Witmer will join the First Community Bank executive management team as president of the Ohio Region.
First Community Bank operates 61 branch banking locations in Virginia, West Virginia, North Carolina, and Tennessee. First Community Bank reported consolidated assets of $3.6 billion as of Sept. 30.