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Stock impact report

Virginia banks merging in $47 million deal [Yahoo! Finance]

First National Corporation (FXNC) 
NASDAQ:AMEX Investor Relations: ir.fbvirginia.com
Company Research Source: Yahoo! Finance
The $1.4 billion-asset First National said the acquisition would bolster its deposit base, provide scale in the Richmond metropolitan area and create opportunities for significant cost savings and earnings accretion. "Combining our companies will help ensure that we continue to be part of the fabric of the communities we serve," Scott Harvard, president and CEO of First National, said in a release announcing the deal. "We are incredibly excited about this opportunity to expand our Richmond metro presence." Founded in 1906 as The Bank of Dinwiddie, Prince George-based Touchstone Bank currently operates 12 branches in and around Richmond, south central Virginia, and northern North Carolina. It has assets of about $659 million, gross loans of $509 million and total deposits of $542 million. The transaction, projected to close in the fourth quarter, would bolster First National's footprint to $350 million of deposits and eight branches in the Richmond market. First National, whos Show less Read more
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