Virginia National Bankshares Corporation, parent company of Virginia National Bank, announced today the completion of its merger of equals transaction with Fauquier Bankshares, Inc. (“Fauquier”), parent company of The Fauquier Bank. Following the completion of the merger and based on financial information as of December 31, 2020, Virginia National has approximately $1.7 billion in total assets and approximately $1.5 billion in total deposits.
“This is an exciting moment in the history of Virginia National as we increase our ability to better serve the financial needs of our customers, while also providing the opportunity to enhance profitability and increase shareholder value,” said Glenn W. Rust, President and Chief Executive Officer of Virginia National.
Read More: Brightwell Named a 2021 Top Workplace by the Atlanta Journal-Constitution
Under the terms of the merger agreement, shareholders of Fauquier are entitled to receive 0.6750 shares of Virginia National common stock for each share of Fauquier common stock. Virginia National’s common stock has been approved for listing on the Nasdaq Capital Market and will begin trading on April 5, 2021 under the ticker symbol “VABK.” Immediately following completion of the holding company merger, The Fauquier Bank was merged with and into Virginia National Bank. The former branches of The Fauquier Bank assumed in the merger will operate as The Fauquier Bank, a division of Virginia National Bank, until systems are converted in July 2021.
Read More: Quisitive Announces Agreement to Acquire BankCard USA
Former President and Chief Executive Officer of Fauquier, Marc J. Bogan, who has been appointed President and Chief Executive Officer of Virginia National Bank, added, “We are excited to continue Fauquier’s legacy of excellence in customer service and community-focused approach as we join forces with Virginia National. Our combined resources and enhanced branch network will allow us to better serve the needs of our customers and community.”
Read More: Principal Financial Group Migrates to the FINEOS Platform to Deliver Advanced Digital Capability
