STRASBURG — First National Corp., the one-bank holding company of First Bank, has announced the completion of its acquisition of The Bank of Fincastle. The merger was completed July 1.
The former branches of Fincastle assumed in the merger will continue to operate as The Bank of Fincastle, a division of First Bank, until the systems integration is completed in October of this year.
With the addition of Fincastle, the company would have had approximately $1.2 billion in assets, $868 million in loans and $1.1 billion in deposits on a combined pro-forma basis at Dec. 31, 2020.
“We are pleased to announce the completion of the merger with The Bank of Fincastle and excited to be joining forces with a team of dedicated local bankers committed to their customers and communities,” said Scott Harvard, president and chief executive officer of the First Bank. “We believe that our combined companies will provide significantly more resources to small business customers across all of our markets while positively impacting our communities like we have for our combined two centuries in business. Since 1875 in Fincastle and 1907 in Strasburg, our companies have a legacy of service unmatched by most banks in Virginia. We look forward to working with our employees and customers to continue the legacy.”
The two banks jointly announced the merger in February. It was unanimously approved by the boards of directors of each bank.
According to Harvard, talks of a merger had been happening for a while, but they didn’t quite get serious until a few months ago.
According to the investor presentation First Bank used during the deal, the main selling points of the acquisition focused around creating a strong, strategically and financially compelling merger of two banks servicing mid-size Virginia markets.
Strasburg-based First National and First Bank were to appoint three Fincastle directors to join the existing eight legacy directors on each respective board. Scott Steele, the president and CE0 of Fincastle is expected to join First Bank as the First Bank regional president.
Harvard said the merger will have no impact on current and future First Bank customers outside of giving them more options to accommodate their needs.