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STRASBURG, Va., Sept. 30, 2021 (GLOBE NEWSWIRE) -- First National Corporation (the “Company” or “First National”) (NASDAQ: FXNC), the bank holding company of First Bank (the “Bank”), announced today that Matt Paciocco has been named First Bank’s Regional Market Executive for the Richmond area. The Richmond banking leader brings an experienced team in his new role leading the commercial growth strategy for the market. Paciocco’s extensive experience includes working with several banks in the market as well as active involvement in several non-profit organizations. First Bank also entered into a Purchase and Assumption Agreement, dated September 30, 2021, to purchase a portfolio of loans and certain assets associated with a branch office of Knoxville, Tennessee-based SmartBank located in the Richmond market, where Paciocco and his team have been operating.

“At First Bank, we believe banking is a people business and Matt Paciocco and his team share our values and understand the importance of reliable personal relationships,” said Scott Harvard, CEO of First Bank. Harvard continued, “Combining Matt’s team with our legacy team that has been led by Andy McLean will create a cohort of bankers that embrace our values and know the Richmond market well. Matt is actively involved in the community, serving as the Chairman of Richmond Resources for Independent Living, on the Longwood University College of Business and Economics Advisory Board, The Richmond Golf Association, Central Virginia Resource Corporation, and various committees and councils of ChamberRVA.”

Paciocco commented, “Richmond is a fast-growing, dynamic market, with a vibrant supportive non-profit community. My entire career has been focused on serving the needs of Richmond businesses by being a trusted advisor that customers can count on. This new role will allow our team to continue serving the community that has supported us over the years.”

The terms of the Purchase and Assumption Agreement provide for First Bank to acquire approximately $83 million in loans and, substantially all fixed assets related to SmartBank’s Richmond branch. The terms of the agreement also provide for First Bank to assume the facility lease of the branch office located at 4421 Cox Road in Glen Allen, Virginia. First Bank paid a premium based on a specific percentage of the loans sold. The fixed assets were acquired at SmartBank’s book value. Additionally, the SmartBank employees from this location, including Paciocco, are transitioning to become employees of First Bank. First Bank will not assume any deposit liabilities from SmartBank in connection with the transaction and SmartBank intends to close their branch operation on December 31, 2021. First Bank will continue to operate a loan production office from the location after the SmartBank branch is closed. First Bank’s assumption of the lease and acquisition of the remaining branch assets is expected to be completed in the fourth quarter of 2021, subject to customary closing conditions.

FORWARD-LOOKING STATEMENTS

Certain information contained in this discussion may include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements relate to the Company’s future operations and are generally identified by phrases such as “the Company expects,” “the Company believes” or words of similar import. Although the Company believes that its expectations with respect to the forward-looking statements are based upon reliable assumptions within the bounds of its knowledge of its business and operations, there can be no assurance that actual results, performance or achievements of the Company will not differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements involve a number of risks and uncertainties, including the rapidly changing uncertainties related to the COVID-19 pandemic and its potential adverse effect on the economy, our employees and customers, and our financial performance. For details on other factors that could affect expectations, see the risk factors and other cautionary language included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, and other filings with the Securities and Exchange Commission.

ABOUT FIRST NATIONAL CORPORATION

First National Corporation (NASDAQ: FXNC) is the parent company and bank holding company of First Bank, a community bank that first opened for business in 1907 in Strasburg, Virginia. The Bank offers loan and deposit products and services through its website, www.fbvirginia.com, its mobile banking platform, a network of ATMs located throughout its market area, two loan production offices, a customer service center in a retirement community, and 20 bank branch offices located throughout the Shenandoah Valley, the central regions of Virginia, and the Richmond and Roanoke market areas. In addition to providing traditional banking services, the Bank operates a wealth management division under the name First Bank Wealth Management. First Bank also owns First Bank Financial Services, Inc., which invests in entities that provide investment services and title insurance.

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Forcht Bank recently announced the addition of Charles “Chuck” Keller to the Forcht Bank, Richmond market. He is the first Relationship Officer for the bank’s new Richmond market.

Keller, a graduate of Laurel County High School, has been in banking since 1984. He attended Eastern Kentucky University, Sue Bennett and Union College. He attended graduate school in Memphis, Tennessee at the Mid-South School of Banking receiving his diploma in 2004.

“I have been a banker in Madison County since 1988, and am excited to join Bill Walters and the rest of the Forcht Bank staff,” said Keller. “With the Bank being located in the Richmond Centre, it should allow us to conveniently and effectively serve the citizens and communities of Madison County.”

Forcht Bank’s Richmond Market President Bill Walters is happy with the move. “We are pleased to have Chuck be the first to join me in creating the staff for Richmond,? Walters continued, “He is a professional, knowledgeable banker that will help the bank and most importantly the citizens of Madison County with their banking needs.”

Away from the office, Chuck currently sits on the Board of Directors of the Richmond Chamber of Commerce. He also is on an advisory panel for the Battlefield Golf Club which is owned by the county. Previously, Chuck held the positions of President for the Richmond Chamber of Commerce and President of the Richmond Area Arts Council.

The Forcht Bank Richmond Banking Center is currently under construction. Until then Chuck can be reached daily at the Forcht Bank Main Office in Lexington. His phone number is 859-200-5646 and his email address is [email protected]

Forcht Bank (www.forchtbank.com) operates 33 banking centers in Fayette, Jefferson, Boone, Grant, Taylor, Pulaski, Laurel, Whitley, Knox, McCreary, Green and soon Madison County. Forcht Bank is owned by Terry E. Forcht, the 2008 Excellence in Entrepreneurship Award Winner given by Eastern Kentucky University. Forcht Bank currently has more than $1 billion in assets, placing it among the top 10 banks based in Kentucky according to the Federal Deposit Insurance Corporation (FDIC).

Richmond-based First Market Bank was acquired by Union Bankshares Corp. in an all-stock deal valued at about $100 million. The new holding company will move its headquarters from Bowling Green to Richmond, although that will only bring a few jobs downtown.

Union First Market Bankshares Corp., as the new entity will be named, will have 900 employees, according to company representatives who spoke at a news conference Monday morning.

First Market will remain its own brand, and Union Bankshares will retain the Union Bank & Trust brand. Customers might in the future have first market bank richmond to ATM machines at both banks without paying a fee.

The combined holding company will be able to shave 9 percent of combined costs, according to a first market bank richmond release. Union Bankshares President and Chief Executive G. William Beale said that in the past such deals have led to closures of duplicate branches but that it is not clear right now whether the new company what is investment banking definition close any of its 12 Richmond area Union Bank & Trust branches or whether First Market will close any of its branches.

Beale will remain president and chief executive of the combined company, and David Fairchild, the current First Market chief executive, will be president as well as remain the head of the First Market subsidiary.

Shareholders of First Market, which is privately held, will receive 6.7 million shares of Union common stock, which at $14 a share is worth $93.8 million. That gives them 33 percent of the shares, according to a news release. Markel Corp. will own an additional 10 million shares of preferred stock, according to Dave Fairchild.

The board of directors in the new company will be expanded to include James Ukrop, Steve Markel and Fairchild.

Combing banks can be tricky. In its annual report to stockholders, Union Bankshares said “the company may lose customers or the customers of acquired entities as a result of an acquisition; and that Company also may lose key personnel.”

First Market has 40 branches throughout Virginia, with 26 located inside Ukrop’s supermarkets. First Market is jointly owned by Markel Corp. and Ukrop’s Supermarkets. Union Bankshares Corp. has a larger geographic reach, with 58 locations. Of those, five are in Hanover County, four are in Henrico and three are in the Midlothian section of Chesterfield.

Bankers from both companies said they started discussing the deal in July.

“This didn’t have too much to do with the current turmoil,” Fairchild said. “The cost of regulation has gotten more expensive,” he said, adding that the combined bank will create cost savings.

Both banks received TARP money: Union Bankshares got $59 million, and First Market received $34 million. Beale said no TARP money was used in the all-stock deal.

With total assets of $1.3 billion and liabilities of $1.21 billion, the book value for First Market is $89.4 million. According to Investorpedia, the book value is the total value of the company’s assets that shareholders would theoretically receive if a company were liquidated, and thus a good barometer of a company’s current condition.

With Union Bankshares stock trading at about $14, that means the book to value ratio is just above 1:1. Banks traditionally have sold for closer to two times book value, according to several sources.

When asked why the multiple was lower, Fairchild said that those prices were paid 18 months ago and that as the Union Bankshares stock price grows, so will the multiple.

Sources said that a price below book value would suggest that the bank is in less than stellar shape, but that a 1:1 value is not, on its face, worrisome. They did say it might mean the owners doubt how much more growth there might be.

Neither chief executive said anything in a news conference about the quality of assets first market bank richmond the books, but it’s likely both banks will have to contend with souring mortgages and commercial loans.

Shares of Union Bankshares, which are publicly traded on NASDAQ, closed at $13.43, down 5.6 percent on the day. The Dow, meanwhile, closed down only 3.27 percent.

Some interesting nitty-gritty financial data about both banks:

According to fourth quarter data filed with the Office of Thrift Supervision, First Market Bank has $708.5 million in mortgage loans, including $48 million in 1-4 dwelling units, $16 million in multifamily dwelling units and $54 million in nonresidential property.

The bank also has $324 million in non-mortgage loans and $117 million in commercial loans. The bank has $1 million in repossessed assets, including $869,000 in land.

According to its SEC filings, Union Bankshares had at the end of last year $292 million in residential loans, $550 million in commercial loans and $403 million in construction loans. Their total real estate loans were valued at $1.5 billion. Net income in 2008 fell 26 percent from $19.7 million in 2007 to $14.5 million.

Union Bankshares Corp had assets of $2.03 billion and liabilities of $1.809 billion. That means its book value is around $221 million, or 2.4 times that of First Market Bank.

According to Banktracker.com, Union Bankshares had trouble assets worth $22,711,000 at the end of 2008. Banktracker.com defines trouble assets as “adding the amounts of loans past due 90 days or more, loans in non-accrual status and other real estate owned (primarily properties obtained through foreclosure).”

BizSense’s take on this deal:

The new entity has to consider closing Union Bank & Trust branches and converting those customers to First My citizens first bank login Bank, unless those branches were in parts of town where First Market didn’t already have a retail presence. Why would the new bank run competing branches against itself, after all? That would also cut the cost of those branches, which, with real estate and employees, is probably substantial.

First Market had a nice expansion strategy with Ukrop’s Supermarkets – but first market bank richmond that the supermarket chain is slowing its growth (closing a store outside Williamsburg and, if conditions don’t improve, possibly one in Roanoke), we wonder how valuable that partnership is. And when it looks to head into new markets, surely it wants to do so with only one of the brands.

This deal might also provide some liquidity for First Market’s owners. It’s hard to sell an entire bank, and a lot easier to sell shares of a publicly traded bank, although they will have some restrictions on first market bank richmond much they can sell and how soon.

Several Richmond firms help assemble the deal.

For Union Bankshares, Keefe Bruyette and Woods provided financial advice and LeclairRyan provided legal advice.

For First Market, Cary Street Partners provided financial advice and McGuireWoods legal advice.

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