Virginia National Bank finalizes merger with Fauquier Bank
Merged bank will begin trading April 5 on Nasdaq Capital Market
The parent company of Virginia National Bank announced the completion of its merger with Fauquier Bankshares Inc. today, creating a combined bank with $1.7 billion in assets and $1.5 billion in deposits as of Dec. 31, 2020.
The merger, announced in October, brings together Charlottesville-based Virginia National Bankshares Corp. and the Warrenton-based parent company of The Fauquier Bank.
Charlottesville will serve as the new bank’s headquarters, and the new bank will be branded as Virginia National Bank. Fauquier bank branches are expected to be converted in July.
In October, the banks said that the merger would allow them to serve larger corporate clients in Charlottesville, Warrenton, Winchester and the counties of Albemarle, Fauquier, Frederick and Prince William. The banks are also seeking to expand in the Richmond and Northern Virginia markets.
Glenn W. Rust will continue to serve as president and CEO of National Bankshares Corp. The former president and CEO of Fauquier, Marc J. Bogan, will serve as president and CEO of Virginia National Bank.
“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,” Rust said in a statement, “while also providing the opportunity to enhance profitability and increase shareholder value.”
Virginia National’s common stock, listed as VABK, will begin trading April 5 on the Nasdaq Capital Market. Fauquier shareholders are entitled to receive 0.675 shares of Virginia National common stock for each share held in Fauquier.