Community Bancshares, Inc., the parent company of The Vinton County National Bank, and The Citizens Bank of Ashville, announced the signing of an agreement for Citizens Bank to merge with Vinton County National Bank. Officials say when completed, the transaction will create a 17-office community bank operating in seven counties, with $870 million in total assets, $560 million in total loans, and $750 million in deposits.


Officials say the transaction is expected to close by year's end, subject to regulatory and shareholder approvals.


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