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Regulators OK Cardinal/Grayson Bankshares deal

The Virginia Bureau of Financial Institutions, the Federal ReserveSystem, and the OCC have approved the merger of Floyd, Va.-based and Independence,Va.-based Grayson Bankshares Inc.

Cardinal Bankshares is the parent of Bank of Floyd, and Grayson Bankshares is the holding companyof Grayson National Bank.

The regulators also approved the combination of banks into anational bank charter.

The deal is pending shareholder approval.