Covington, Va.-based Highlands Community Bank expects to close its purchase of Carter Bank & Trust's branch in Hot Springs, Va. — located at 9008 Sam Snead Highway — in May, according to a regulatory filing recently obtained by S&P Global Market Intelligence.
Highlands Community Bank will assume approximately $4 million in deposits from the Hot Springs branch, or all deposits less individual retirement accounts. It will also assume approximately $750,000 in loans from the branch, less any loans Highlands Community Bank determines to be impaired.
There is no premium paid on the deposits or loans, and the real estate and Highlands Community Bank is buying the furniture, fixtures and equipment at the net book value.
Carter Bank & Trust is headquartered in Martinsville, Va.
