First National Corp to Acquire Shenandoah Valley Bancorp

Ticker: FXNC · Form: 8-K · Filed: Sep 16, 2024 · CIK: 719402

First National CORP /Va/ 8-K Filing Summary
FieldDetail
CompanyFirst National CORP /Va/ (FXNC)
Form Type8-K
Filed DateSep 16, 2024
Risk Levelmedium
Pages2
Reading Time3 min
Key Dollar Amounts$1.25
Sentimentneutral

Sentiment: neutral

Topics: acquisition, merger, financials

Related Tickers: FXNC, SVBC

TL;DR

FXNC buying SVBC to expand VA footprint, deal closes Q1 2025.

AI Summary

First National Corporation (FXNC) announced on September 16, 2024, that it has entered into a definitive agreement to acquire Shenandoah Valley Bancorp, Inc. The transaction is expected to close in the first quarter of 2025, subject to customary closing conditions, including regulatory and shareholder approvals. This acquisition will expand First National Corporation's presence in Virginia.

Why It Matters

This acquisition will create a larger regional bank, potentially leading to increased market share and operational efficiencies for First National Corporation.

Risk Assessment

Risk Level: medium — The acquisition is subject to regulatory and shareholder approvals, which introduces uncertainty regarding its completion.

Key Players & Entities

FAQ

What is the primary purpose of this 8-K filing?

This 8-K filing announces that First National Corporation has entered into a definitive agreement to acquire Shenandoah Valley Bancorp, Inc.

When is the acquisition expected to be completed?

The acquisition is expected to close in the first quarter of 2025.

What are the conditions for the acquisition to close?

The acquisition is subject to customary closing conditions, including regulatory and shareholder approvals.

What is the name of the company being acquired?

The company being acquired is Shenandoah Valley Bancorp, Inc.

In which state is First National Corporation incorporated?

First National Corporation is incorporated in Virginia.

Filing Stats: 744 words · 3 min read · ~2 pages · Grade level 13.5 · Accepted 2024-09-16 11:01:11

Key Financial Figures

Filing Documents

01

Item 7.01 Regulation FD Disclosure. On September 16, 2024, First National Corporation (the "Company") part icipated in the Janney Financial Services Conference in Washington, D.C. The investor presentation, which includes information regarding the Company's financial results, business strategies and trends, is intended to be made available to shareholders, analysts and investors. A copy of the presentation to investors is furnished as Exhibit 99.1 to this Current Report on Form 8-K and incorporated by reference herein. The information provided pursuant to this Item 7.01 is to be considered "furnished" pursuant to Form 8-K and shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities under that Section, nor shall it be deemed incorporated by reference into any of the Company's reports or filings under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such report or filing. The filing of this Current Report shall not be deemed an admission as to the materiality of any information in the Current Report that is required to be disclosed solely by reason of Regulation FD. A cautionary note about forward-looking statements: This Current Report may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements can include statements about estimated cost savings, plans and objectives for future operations and expectations about the Company's financial and business performance as well as economic and market conditions. They often can be identified by the use of words like "expect," "may," "could," "intend," "project," "estimate," "believe" or "anticipate." By their nature, forward-looking statements are based on assumptions and are subject to risks, uncertainties, and other factors. You are cautioned that actual results may d

Financial Statements and Exhibits

Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Description 99.1 First National Corporation investor presentation 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) 2

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. FIRST NATIONAL CORPORATION (Registrant) Date: September 16, 2024 By: /s/ M. Shane Bell M. Shane Bell Executive Vice President and Chief Financial Officer 3

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