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Grayson Bankshares extends deal completion timeline

Independence,Va.-based Grayson BanksharesInc. expects the merger with Floyd, Va.-based to close inthe early third quarter of 2016, according to an investor presentation in a May6 regulatory filing.

The companypreviously announced the deal closing date to be in the secondquarter.

The partiesare expected to operate as two divisions of a merged national bank. Thecompanies' systems are then slated to be rebranded and converted in early 2017.