First National Corporation announced the completion of its acquisition of Touchstone Bankshares, Inc., effective October 1, 2024. This strategic merger involved Touchstone Bank, a wholly owned subsidiary of Touchstone Bankshares, merging into First Bank, a subsidiary of First National.
Under the terms of the merger, each outstanding share of Touchstone common and preferred stock was converted into 0.8122 shares of First National Corporation's common stock. On a combined pro-forma basis as of August 30, 2024, the merged entity would have approximately $2.1 billion in assets, $1.5 billion in loans, and $1.8 billion in deposits.
The acquisition significantly expands First National's presence, increasing its branch network to 33 offices in Virginia and North Carolina, along with three loan production offices. This expansion is expected to provide more resources to small business customers and position the company closer to inclusion in the Russell 2000 index, enhancing its market visibility.
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