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DANVILLE, Va. – Pinnacle Bankshares will acquire the seven branches of Virginia Bank and Trust under a merger approved Tuesday by shareholders of both institutions.

Pinnacle is the parent company of Altavista-based First National Bank.

Under terms of the agreement, Virginia Bank Bankshares, the parent of Virginia Bank and Trust, will now operate under the First National name. Pinnacle has said that no branch closures are anticipated after the deal is finalized.

The combined company would have total assets of $796 million, deposits of $719 million and net loans of $572 million, according to a Pinnacle Bankshares news release announcing the shareholder approval.

The merger has been in the works since January and is expected to be finalized on Oct. 30. The agreement has received regulatory approval.

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