cash

Allegheny Bancshares Inc. and Mount Hope Bankshares Inc. recently announced a merger agreement.

The release said Allegheny will acquire all of the outstanding shares of common stock of Mount Hope in exchange for cash in the amount of $58 per share — a transaction of more than $21.7 million.

The transaction has been unanimously approved by each company’s board of directors and is expected to close in 2019, pending regulatory approvals and the approval of Mount Hope’s shareholders.

When the merger is finalized, Mount Hope’s wholly owned subsidiary Bank of Mount Hope Inc. will be consolidated with Allegheny’s bank subsidiary, Pendleton Community Bank Inc.

“This merger will provide resources to allow for continued growth in the marketplace," Mount Hope’s President and Chief Executive Officer Ben M. Susman said in the release. "It is a win-win for our shareholders and our customers.

"This merger will provide our customers with enhanced banking products and services while maintaining a community banking option. We were impressed with the leadership and vision of Pendleton. This transaction will be good for Raleigh and Fayette counties." 

— Email: wholdren@register-herald.com and follow on Twitter @WendyHoldren

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