Virginia Financial Group to acquire FNB Corp

July 26 Thu Jul 26, 2007 5:30pm EDT

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July 26 (Reuters) - Virginia Financial Group Inc. VFGI.O said it agreed to acquire FNB Corp. FNBP.O to create the largest Virginia-based independent bank holding company.

FNB shareholders will get 1.5850 shares of Virginia Financial common stock for each share held, the companies said in a joint statement. This represents a premium of about 5 percent to FNB's closing of $30.92 on the Nasdaq.

Current Virginia Financial President and Chief Executive O.R. Barham will serve as president and CEO for the resulting holding company, the companies said. (Reporting by Manish Gupta in Bangalore)

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