First National Corporation and Touchstone Bankshares, Inc. Announce Receipt of Regulatory Approvals for Merger

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[{"type":"text","content":"STRASBURG, Va. and PRINCE GEORGE, Va., Aug. 08, 2024 (GLOBE NEWSWIRE) -- First National Corporation (“First National”) (NASDAQ: FXNC), the bank holding company of First Bank, and Touchstone Bankshares, Inc. (“Touchstone”) (OTCPK: TSBA), the bank holding company of Touchstone Bank, announced today the receipt of regulatory approvals from the Federal Reserve Bank of Richmond, acting under authority delegated by the Board of Governors of the Federal Reserve System, and the Bureau of Financial Institutions of the Commonwealth of Virginia, to complete the previously announced merger of Touchstone with and into First National in an all-stock transaction (the “Merger”). Immediately following the Merger, Touchstone Bank would then immediately merge with and into First Bank. \"We are pleased to have received regulatory approval of our Merger that will accelerate our growth trajectory and drive long-term shareholder value,\" said Scott Harvard, President and Chief Executive Officer of First National. Harvard continued, \"With common cultures and values and a shared commitment to our customers, employees and communities, we look forward to delivering superior service to customers throughout our combined markets. We remain excited about this opportunity to expand our Richmond metro presence with the addition of seven branches in the market and welcoming the Touchstone team into the First Bank family.\" The Merger is anticipated to close in the fourth quarter of 2024, pending the satisfaction of customary closing conditions, including approvals from the shareholders of Touchstone and the shareholders of First National at their respective special meetings of shareholders scheduled on August 29, 2024. Based on financial information as of March 31, 2024, the combined company would have approximately $2.1 billion in assets, $1.8 billion in deposits, and $1.5 billion in loans. After closing, First Bank will provide Touchstone Bank customers comprehensive information relating to the anticipated conversion of their accounts in February 2025. Until conversion, customers will continue to be served through their respective Touchstone Bank and First Bank branches, websites, and mobile apps. ABOUT FIRST NATIONAL CORPORATION First National Corporation (NASDAQ: FXNC) is the parent company and bank holding company of First Bank (the “Bank”), a community ba...

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