Summit Financial to Acquire WinFirst, Expand Base in Kentucky
Summit Financial Group, Inc. SMMF recently announced that the company has signed a definitive merger agreement to acquire WinFirst Financial Corp. The company will acquire WinFirst through its wholly-owned subsidiary, Summit Community Bank, Inc. in an all-cash deal.
The cash deal has received approvals of the boards of both companies. The deal is likely to be completed by the end of this year, subject to regulatory approvals and WinFirst’s shareholders’ approval.
H. Charles Maddy, III, president and chief executive officer of Summit Financial said, “This transaction represents an exceptional opportunity for Summit to expand its franchise into Kentucky through the merger of two financially strong banks with similar cultures, core values and guiding principles, as well as a shared commitment to build long-term client relationships by providing service beyond expectations.”
The company has been active with its acquisitions for the past few years. This April, Summit Financial acquired four branch banking offices of MVB Bank, Inc., a bank subsidiary of MVB Financial Corp MVBF in Virginia. Further, earlier this January, the company acquired Cornerstone Financial Services, Inc. in Virginia.
Shares of this Zacks Rank #2 (Buy) have rallied 3.8% over the last month as against the 6% decline recorded by the industry. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
So far this year, consolidations in the banking sector have been few and far between, as the virus outbreak and the resultant economic slowdown put brakes on the same. Nonetheless, a few notable deals this year include CapStar Financial Holdings, Inc.’s CSTR merger with Tennessee-based FCB Corporation, and First Horizon National Corporation FHN and IBERIABANK Corporation’s all-stock merger of equals.
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Capstar Financial Holdings Inc. (CSTR) : Free Stock Analysis Report
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Mvb Financial Corp. (MVBF) : Free Stock Analysis Report
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