BELINGTON, W.Va. (WV News) — The boards of directors of Freedom Bancshares Inc. (“Freedom”), the holding company for Belington based Freedom Bank Inc. (“Freedom Bank”), and Appalachian Financial Corp. (“AFC”), the holding company for Philippi-based BCBank Inc. (“BCBank”), on Tuesday announced they have entered into a definitive agreement under which AFC will merge with Freedom in an all-stock merger of equals.
The transaction is pending regulatory approval and approval by the shareholders of Freedom and AFC. The closing is expected to occur sometime during the fourth quarter of 2024. Combined, the resulting institution will have assets of approximately $415 million, with more than 90 employees at 10 different locations in eight communities across West Virginia, including Belington, Bridgeport, Buckhannon, Elkins, Fairmont, Farmington, Nutter Fort and Philippi.
“Freedom Bank is excited to announce this partnership of two great community banks, with a combined footprint extending across West Virginia,” said Freedom Bank President and CEO Valerie Hurst.
“BCBank is a very well-respected banking organizatioon,” Hurst said. “Our two teams have similar cultures, a focus on superior customer service and a deep commitment to our clients and communities.”
Hurst will remain a member of the board of directors once the merger is complete.
“Combining BCBank and Freedom Bank will result in a stronger, larger bank with more resources, enabling us to beter meet the evolving needs of our customers and the communities we serve,” said Ryan Curry, president and CEO of BCBank.
Curry will become a member of the board of directors and the president and CEO of Freedom Bank once the merger is complete.
The resulting institution will provide a full range of financial solutions, such as business banking, consumer banking and home loans, with the main office located in Philippi, officials said.
Freedom Bancshares Inc. is the holding company for Freedom Bank. Freedom Bank, founded in 1939, is a full-service, commercial and retail bank headquartered in Belington. Freedom Bank currently operates full-service offices in Belington, Elkins, Philippi, Bridgeport and Buckhannon. More information can be found at www.freedombankwv.com.
Appalachian Financial Corp. is the holding company for BCBank. BCBank, founded in 1970, is a full-service, commercial and retail and bank headquartered in Philippi. BCBank currently operates full-service offices in Philippi, Nutter Fort, Fairmont, Buckhannon and Farmington. More information can be found at www.bcbankinc.com.
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