First National To Buy Six Branches

(RTTNews) - First National Corp (FXNC) the holding company for First Bank (the "Bank"), announced Wednesday the signing of an agreement under which the Bank will acquire the branch banking operations of six locations in the Shenandoah Valley and central Virginia regions from Bank of America.

The acquired branches in the Shenandoah Valley region are located in Woodstock, Elkton, Staunton and Waynesboro, and the acquired branches in the central Virginia region are located in Dillwyn and Farmville. The transaction will add an estimated $308 million of deposits to the balance sheet of First Bank.

The Bank expects the purchase to be completed in the second quarter of 2015, following approval by regulators and satisfaction of customary closing conditions.