Skyline Bankshares said Wednesday it has reached an agreement to spend $25 million to purchase Johnson County Bank.
Johnson County Bank, based in Mountain City, Tenn., has one branch and $152 million in total assets as of Dec. 31. The sale is projected to be completed in the second quarter.
Skyline, based in Floyd, Va., is the parent company of Skyline National Bank. With the purchase, the financial institution will expand to total assets of nearly $1.2 billion and 28 branches that includes locations in Boone, Mocksville, Sparta, West Jefferson, Wilkesboro and Yadkinville.