Business
First Bank Names Matt Paciocco as Regional Market Executive for Richmond Market
STRASBURG, Va., Sept. 30, 2021 (GLOBE NEWSWIRE) -- First National Corporation (the “Company” or “First National”) (NASDAQ: FXNC), the bank holding company of
About this update from First National Corporation
[{"type":"text","content":"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 as...