Skyline, Great State Banks Combine (2018-06-21 15:32:39)

Parkway Acquisition Corporation, the parent company of Skyline National Bank and Great State Bank, has announced that shareholders approved the combination of the two banks June 14.

The combined organization will have 20 full-service banking offices, assets of nearly $700 million, deposits of over $600 million and shareholders' equity of over $70 million, including 5 full-service offices and 2 loan production offices in North Carolina (in Alleghany, Ashe, Caldwell, Cleveland, Wilkes, Watauga, and Yadkin) and 15 full-service offices and 1 loan production office in Virginia (in Carroll, Grayson, Galax, Floyd, Montgomery, Radford, Roanoke, Salem and Wythe).

The companies reported that of the more than 4.7 million combined votes cast, more than 82% were in favor of the combination. The merger is expected to be completed by July 1st.

Great State is expected operate as a division of Skyline National Bank until operating systems are converted and the Great State offices are rebranded as Skyline National Bank in September 2018.