StellarOne Bank to sell financial service center

Wed. September 30, 2009; Posted: 05:02 AM

Sep 30, 2009 (Datamonitor via COMTEX) -- STEL | Quote | Chart | News | PowerRating -- StellarOne Bank, a subsidiary of StellarOne Corporation, has signed a purchase and assumption agreement to sell a financial service center located in Farmville, Virginia to The Farmers Bank of Appomattox, with principal offices located in Appomattox, Virginia.

The branch sale, which is subject to regulatory approval, includes all deposit accounts, fixed assets, and real estate. Branch deposits amount to approximately $14.5 million. The proposed transaction is expected to close in the fourth quarter of 2009.

Jeffrey Farrar, StellarOne's executive vice president and CFO, said: "The transaction reflects our continuing efforts to streamline and improve the cost efficiency of our retail franchise, which ultimately creates value for our shareholders.

"While certainly a successful and profitable financial center, the Farmville location did not fit well with our existing franchise or long-term strategies. This center was part of an eight-branch cluster purchased from the former First Virginia Bank in 2003. We are confident that The Farmers Bank will provide our Farmville area customers an in-market convenience and an equally high level of community banking service."

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