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First National Corporation completes acquisition of Touchstone Bankshares, Inc. to enhance Richmond metro presence

Mar 26, 2024over 1 year ago

Acquiring Company

First Bank

Acquired Company

Touchstone Bank

StrasburgPrince GeorgeFinancial ServicesBanking

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.

Company Information

Company

First Bank

Location

Strasburg, Virginia, United States

About

First National Corporation is a community bank with a deep commitment to the customers and communities it has served since the early 1900s. The bank has a strong presence in Virginia and North Carolina, offering superior service and financial performance.

M&A Insights

Based on deal data
Integration 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