STRASBURG, Va., Feb. 25, 2015 (GLOBE NEWSWIRE) -- First National Corporation (the "Company") (OTCQB:FXNC), the parent company of First Bank (the "Bank"), announced today the Bank has received regulatory approval from the Federal Reserve Bank of Richmond and the Bureau of Financial Institutions, a regulatory division of the Virginia State Corporation Commission, to acquire six branches in the Shenandoah Valley and central Virginia from Bank of America. The transaction is expected to close on April 17, 2015.
The acquisition, which was announced November 19, 2014, includes retail branches in the Shenandoah Valley of Virginia located in Woodstock, Staunton, Waynesboro and Elkton. The acquisition also includes branches in central Virginia located in Farmville and Dillwyn. "We are very pleased to receive this approval and excited about expanding deeper into the Shenandoah Valley and central Virginia," said President and Chief Executive Officer Scott C. Harvard. "This strategic acquisition of an excellent deposit franchise expands our banking presence in Virginia, includes an experienced and talented team of associates, provides core funding for the future, and complements our existing loan production offices in Staunton and Harrisonburg."
After the transaction closes in April, First Bank is expected to be the largest bank headquartered in the Shenandoah Valley of Virginia with 16 branches and more than $750 million in total assets.
About the Company
First National Corporation, headquartered in Strasburg, Virginia, is the bank holding company of First Bank, a community bank that first opened for business in 1907. The Bank currently offers loan, deposit, and wealth management products and services from 12 office locations located throughout the Shenandoah Valley region of Virginia. Banking services are also accessed from the Bank's website, www.fbvirginia.com, and from a network of ATMs located throughout its market area. The Bank operates divisions under the names First Mortgage and First Bank Wealth Management. First Bank also owns First Bank Financial Services, Inc., which invests in entities that provide investment services and title insurance.
Caution about Forward Looking Statements
Certain information contained in this discussion may include "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements relate to the Company's future operations and are generally identified by phrases such as "the Company expects," "the Company believes" or words of similar import. Although the Company believes that its expectations with respect to the forward-looking statements are based upon reliable assumptions within the bounds of its knowledge of its business and operations, there can be no assurance that actual results, performance or achievements of the Company will not differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. For details on factors that could affect expectations, see the risk factors and other cautionary language included in the Company's Annual Report on Form 10-K for the year ended December 31, 2013, and other filings with the Securities and Exchange Commission.