Business
Virginia National Bankshares Corporation and Fauquier Bankshares, Inc. Announce Strategic Merger of Equals
CHARLOTTESVILLE, Va. and WARRENTON, Va., Oct. 1, 2020 /PRNewswire/ -- Virginia National Bankshares Corporation (OTCQX: VABK) ("Virginia National") and
About this update from Virginia National Bankshares Corporation
[{"type":"text","content":"CHARLOTTESVILLE, Va. and WARRENTON, Va., Oct. 1, 2020 /PRNewswire/ -- Virginia National Bankshares Corporation (OTCQX: VABK) (\"Virginia National\") and Fauquier Bankshares, Inc. (NASDAQ: FBSS) (\"Fauquier\") today jointly announced the signing of a definitive agreement to combine in a strategic merger of equals. The combined company would have approximately $1.6 billion in total assets, $1.4 billion in total deposits, $1.3 billion in loans and more than $1.0 billion in assets under management based upon reported amounts as of June 30, 2020. \nThis strategic combination of like-minded community banks will create a premier Virginia financial institution with greater scale, operating leverage and complementary business lines. After the merger, the combined company will operate under the Virginia National brand and will be able to serve larger clients in its core Virginia markets of Charlottesville, Warrenton, Winchester and the counties of Albemarle, Fauquier, Frederick and Prince William. It will also accelerate current market expansions in Richmond and Northern Virginia. \n\"It is a rare opportunity to have two well-respected community banks of equal size in attractive markets put their individual missions aside to join forces in order to improve the experience of clients and employees and accelerate the returns of their shareholders,\" said Glenn W. Rust, President and Chief Executive Officer of Virginia National. \"Our entire team is honored to be entering this partnership with The Fauquier Bank, and I look forward to the leadership of The Fauquier Bank joining our team and bringing their expertise and experience to our organization.\" \n\"There is a long-standing mutual respect between our two companies,\" said Marc J. Bogan, President and Chief Executive Officer of The Fauquier Bank. \"The enhanced scale and complementary business lines resulting from this transaction provides the best opportunity for both banks to better serve our major constituencies: our clients, our employees, our shareholders and our communities. We are committed to using the best practices of both companies to increase our market share across Virginia.\" \nThe merger agreement was unanimously approved by the boards of directors of both companies and has unanimous support from all directors. Under the terms of the agreement, Fauquier shareholders will r...