First National Corporation (the “Company”) (OTCQB: FXNC), the parent company of First Bank (the “Bank”), announced this week that 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 Virginia with 16 branches and more than $750 million in total assets.
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