Timberville, Va.-based F & M Bank to acquire 1 Carter Bank & Trust branch

Timberville, Va.-based F & M Bank Corp. will acquire one branch of Martinsville, Va.-based Carter Bank & Trust, a unit of Carter Bankshares Inc.

The branch is located in Waynesboro, Va.

The transaction is expected to close in the second quarter. The terms of the deal were not disclosed.

The sale is a part of an ongoing reorganization and network optimization plan for Carter Bankshares.