First National (FXNC) Declares Buyout of Touchstone Bankshares [Yahoo! Finance]
First National Corporation (FXNC)
NASDAQ:AMEX Investor Relations:
ir.fbvirginia.com
Company Research
Source: Yahoo! Finance
The closing of the deal is expected in the fourth quarter of 2024, subject to shareholder and regulatory approvals and customary conditions. Shares of First National lost 7.53% following the announcement of the transaction. This was likely due to FXNC paying a hefty premium of 45.7% on the deal. Touchstone Bankshares is a leading financial services provider in south-central Virginia and northern North Carolina. As of Dec 31, 2023, Touchstone Bankshares' total assets were $658.7 million, gross loans were $508.8 million and total deposits were $542.2 million. Deal Terms and Financial Overview According to the agreement, Touchstone Bankshares' shareholders will receive 0.8122 shares of First National stock for each Touchstone Bankshares share. Based on the closing price of $17.55 on Mar 22, 2024, the deal is valued at $47 million, or $14.25 per Touchstone Bankshares share. The transaction between First National and Touchstone Bankshares will bring two community-focused banks, s
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FXNC
Earnings
- 4/30/24 - Beat
FXNC
Analyst Actions
- 3/19/24 - TheStreet
FXNC
Sec Filings
- 5/20/24 - Form 4
- 5/16/24 - Form 4
- 5/15/24 - Form 4
- FXNC's page on the SEC website