First National Corporation completes acquisition of Touchstone Bankshares, Inc. to enhance Richmond metro presence
Mar 26, 2024•over 1 year ago
Acquiring Company
First Bank
Acquired Company
Touchstone Bank
Description
First National Corporation announced its definitive merger agreement to acquire Touchstone Bankshares, Inc., bringing together two community banks with a deep commitment to their customers and communities. With an expected total assets of approximately $2.1 billion and enhanced scale and profitability, the combined company will solidify its position as the ninth largest Virginia community bank as ranked by deposits.
M&A Insights
Based on deal dataIntegration timeline
70% of M&A integrations take 12-24 months to complete
Tech stack consolidation
83% of merged companies consolidate technology vendors within first year
Post-acquisition investment
Companies increase IT spending by 23% on average after acquisitions
Success factor
M&A deals with strong technology integration plans are 2.5x more likely to succeed