Home First Bank to acquire six Bank of America branches

First Bank to acquire six Bank of America branches


money-newlinksFirst National Corporation, the holding company for First Bank, announced today the signing of an agreement under which the bank will acquire the branch banking operations of six locations in the Shenandoah Valley and Central Virginia regions from Bank of America.

The acquired branches in the Shenandoah Valley region are located in Woodstock, Elkton, Staunton and Waynesboro, and the acquired branches in the Central Virginia region are located in Dillwyn and Farmville. The transaction will add an estimated $308 million of deposits to the balance sheet of First Bank.

The bank expects the purchase to be completed in the second quarter of 2015, following approval by regulators and satisfaction of customary closing conditions. First Bank intends to hire all current employees of the acquired branches and will take great care to assure a smooth customer service transition.

“We are delighted to announce the expansion of our banking franchise into Virginia markets that complement our recent expansion initiatives and that we believe embrace First Bank’s philosophy that people matter”, said Scott Harvard, president and CEO. “This transaction provides the opportunity to expand our team with the addition of experienced and talented associates while building scale and efficiencies in an expanded geographic footprint across several contiguous counties. We look forward to serving the needs of our new customers and communities for years to come.”

Headquartered in Strasburg, First Bank had $519 million in total assets at September 30, 2014 with 10 retail banking offices. During the second quarter of 2014, the bank expanded to Staunton, where it opened First Mortgage, a newly formed mortgage division. In the third quarter of 2014, the bank opened another mortgage and loan production office in Harrisonburg.

First Bank was advised in the transaction by Sandler O’Neill Partners, L.P. as financial advisor and Williams Mullen as legal counsel.



Have a story idea or a news tip? Email editor Chris Graham at [email protected]. Subscribe to AFP podcasts on Apple PodcastsSpotifyPandora and YouTube.

Latest News

isaac mckneely
Basketball, Sports

Analysis: Tony Bennett is letting his Virginia team try to do more in transition

elijah gertrude
Basketball, Sports

Virginia Basketball Notebook: Tony Bennett on Elijah Gertrude, Jordan Minor

Virginia coach Tony Bennett and freshman combo guard Elijah Gertrude had agreed before the start of the season that Gertrude should redshirt this year so that he could focus on rehabbing his knee.

chesapeake bay
Climate, U.S. & World

Maryland moves to curb striped bass fishing in spring spawning season

Spurred by slumping striped bass reproduction in Maryland waters, the state Department of Natural Resources is moving to curtail fishing for the popular migratory species during its spawning run next spring.

earth globe

Roddy Scheer: How do enhanced geothermal power plants differ from regular geothermal?

climate change

Roddy Scheer: War is horrible, and it is no less so for the environment


Tom H. Hastings: Guerrilla war in cities and other evolutionary missteps

veteran uniform

Robert C. Koehler: War does nothing but create the certainty of more war