Local bank merger to create Touchstone Bank based in Prince George County
By CAROL HAZARD Richmond Times-Dispatch
Sep 26, 2017
Bank of McKenney and Citizens Community Bank will unite to become Touchstone Bank when their merger is completed this year.
The banks announced Tuesday that they will rebrand and rename to create a new identity for shareholders and customers in their combined service areas from central and southern Virginia to northern North Carolina.
“In the past, a touchstone was used to test the purity of gold and silver. Today, anything that tests the standard of quality is considered a touchstone,” said James R. Black, president and CEO of CCB Bankshares Inc., parent company of Citizens Community Bank.
The new name represents the standards upon which the combined bank expects to operate, Black said, adding that he hopes the new name will keep the strategic objective in focus. Black will become president, CEO and a board member of the new bank.
“Together, our banks have been building a legacy for over 125 years, and we’ll make history again this year as Touchstone Bank,” said Richard M. Liles, president and CEO of the Bank of McKenney. Liles will be executive chairman of the combined company.
The new name is subject to Bank of McKenney shareholder approval and completion of the proposed merger.
Bank of McKenney, which is based in McKenney, operates seven branches in southeastern Virginia.
South Hill-based Citizens Community Bank operates six branches, three in south central Virginia and three in northern North Carolina.
Bank of McKenney and the parent company of Citizens Community Bank announced plans in June to combine in an all-stock deal valued at $19 million.
CCB Bankshares and its subsidiary bank will be merged into Bank of McKenney, pending approvals, to create a combined entity with about $447 million in assets, $344 million in loans and $390 million in deposits, based on reported financial information as of March 31.
The headquarters will be in Prince George County, where Bank of McKenney acquired a two-story building this past spring to relocate its corporate headquarters.