First Community Bankshares to Acquire Main Street Financial Services for ~$243M

First Community Bankshares, Inc. (NASDAQ: FCBC) announced on October 27, 2026, that it has entered into an Agreement and Plan of Merger with Main Street Financial Services Corp., a West Virginia corporation. Under the terms of the agreement, Main Street will merge with and into First Community, with First Community serving as the surviving corporation.

Main Street is a bank holding company headquartered in Wooster, Ohio, with approximately $1.6 billion in consolidated assets as of September 30, 2026. The company operates 21 banking offices across east central Ohio and the northern panhandle of West Virginia. Upon completion of the transaction, Main Street’s banking subsidiary, Main Street Bank Corp., will merge with and into First Community’s subsidiary, First Community Bank.

The transaction is valued at approximately $243 million. Based on First Community’s 10-day volume-weighted average price of $48.82 as of October 26, 2026, each share of Main Street common stock will be converted into the right to receive 0.6174 shares of First Community common stock. Holders of Main Street shares will receive cash in lieu of fractional shares. The merger is intended to qualify as a tax-free reorganization under Section 368(a) of the Internal Revenue Code.

First Community reported consolidated assets of $3.6 billion as of September 30, 2026. The combined organization is expected to report approximately $5.2 billion in assets before transaction-related adjustments. The transaction is expected to close early in the second quarter of 2027, subject to approval by the shareholders of both companies and the receipt of required regulatory approvals, including from the Federal Reserve System and state banking regulators.

Upon the effective time of the merger, one current member of the Main Street board of directors will be appointed to the boards of First Community and First Community Bank. Additionally, Mark Witmer, Chairman, President, and CEO of Main Street, will join the First Community Bank executive management team as President of the Ohio Region.