Press Release
Freedom Bancshares, Inc. and Appalachian Financial Corporation Announce Merger of Equals April 22, 2024
Belington, West Virginia – April 22, 2024 – The boards of directors of Freedom Bancshares, Inc. (“Freedom”), the holding company for Belington based Freedom Bank, Inc. (“Freedom Bank”), and Appalachian Financial Corporation (“AFC”), the holding company for Philippi based BCBank, Inc. (“BCBank”), today announced they have entered into a definitive agreement under which AFC will merge with Freedom in an all-stock merger of equals.
The transaction is pending regulatory approval and approval by the Shareholders of Freedom and AFC. The closing is expected to occur someone during the fourth quarter of 2024. Combined, the resulting institution will have assets of approximately $415 million, with more than 90 employees at 10 different locations in 8 communities across West Virginia, including Belington, Bridgeport, Buckhannon, Elkins, Fairmont, Farmington, Nutter Fort and Philippi.
“Freedom Bank is excited to announce this partnership of two great community banks, with a combined footprint extending across West Virginia,” says Freedom Bank President and CEO Valerie Hurst. “BCBank is a very well-respected banking organization,” Hurst says. “Our two teams have similar cultures, a focus on superior customer service and a deep commitment to our clients and communities.” Hurst will remain a member of the Board of Directors once the merger is complete.
“Combining BCBank and Freedom Bank will result in a stronger, larger bank with more resources, enabling us to better meet the evolving needs of our customers and the communities we serve,” said Ryan Curry, President and CEO of BCBank. Curry will become a member of the Board of Directors and the President and CEO of Freedom Bank once the merger is complete.
The resulting institution will provide a full range of financial solutions, such as business banking, consumer banking and home loans, with the main office located in Philippi, West Virginia.
About Freedom Bancshares, Inc. and Freedom Bank, Inc.
Freedom Bancshares, Inc. is the holding company for Freedom Bank. Freedom Bank, founded in 1939, is a full-service, commercial and retail bank headquartered in Belington, West Virginia. Freedom Bank currently operates full-service offices in Belington, Elkins, Philippi, Bridgeport and Buckhannon. More information can be found at www.freedombankwv.com.
About Appalachian Financial Corporation and BCBank, Inc.
Appalachian Financial Corporation is the holding company for BCBank. BCBank, founded in 1970, is a full service, commercial and retail bank headquartered in Philippi, West Virginia. BCBank currently operates full-service offices in Philippi, Nutter Fort, Fairmont, Buckhannon and Farmington. More information can be found at www.bcbankinc.com.