Bank of McKenney announced Monday that it completed its merger with South Hill-based CCB Bankshares Inc. and its subsidiary, Citizens Community Bank, at the close of business last Friday.
Immediately following the merger, the combined bank changed its name to Touchstone Bank. The exchange ratio for CCB shareholders receiving Touchstone common stock is 0.9350 shares.
“Together, we are well-positioned to grow our franchise by becoming the community bank of choice in the markets we serve,” said Richard M. Liles, executive chairman of Touchstone, in a statement.
James R. Black, president and CEO of Touchstone, said a touchstone is a measure of quality. “And we intend to become the standard for quality banking throughout the region we serve.”
Six directors from CCB were appointed to the Touchstone board, including Norman D. Wagstaff Jr., who was appointed vice chairman. Liles was appointed chairman.
McKenney-based Touchstone Bank has 10 commercial banking branches in central and southern Virginia and three branches in central North Carolina. It also operates a loan center in Clarksville.
— Carol Hazard