FXNC · First National Corporation

Summary

First National Corporation announced that its subsidiary, First Bank, will sell two banking offices in North Carolina and consolidate three Virginia offices, reducing its total footprint from 33 to 28 offices. These strategic actions, expected to close in the second half of 2026, aim to streamline operations and are anticipated to result in a one-time gain on sale.

Key takeaways

• First Bank approved a purchase and assumption agreement to sell two banking offices in Roanoke Rapids and Louisburg, North Carolina, to a Virginia-based financial institution.
• The Bank will close and consolidate three Virginia banking offices into nearby locations, reducing the total number of banking offices from 33 to 28.
• The transactions are subject to customary closing conditions, customer notification requirements, and regulatory approval.
• These transactions are expected to close in the second half of 2026.
• The Bank expects to book a one-time gain on the sale of the two North Carolina offices, partially offset by costs related to the consolidations.
• No layoffs will occur; affected employees will be offered positions with the buyer or within the Bank's network.