CHARLOTTESVILLE, VA. AND WARRENTON, Va., March 26, 2021 (GLOBE NEWSWIRE) – At separate general meetings yesterday, the shareholders of Virginia National Bankshares Corporation (OTCQX: VABK) (“Virginia National”), the parent holding company of Virginia National Bank (the “Bank “) And Fauquier Bankshares, Inc. (NASDAQ: FBSS) (” Fauquier “), the parent holding company of Fauquier Bank, approved the previously announced merger of Fauquier with Virginia National (the” Merger “)”). The parties expect the combination to take effect on April 1, 2021.
Based on financial information as of December 31, 2020, the combined company would have approximately $ 1.7 billion in assets, $ 1.5 billion in deposits, $ 1.2 billion in loans and $ 1.1 billion in assets under management . USD.
Via Virginia National
Virginia National, headquartered in Charlottesville, Virginia, is the holding company of Virginia National Bank. The bank has four offices in Charlottesville and one in Winchester and provides credit, deposit and treasury management services in Richmond, Virginia. The bank has signed a lease for branches and office space in Richmond, Virginia and plans to open the office in the second quarter of 2021. Virginia National Bank offers a full range of banking and related financial services to meet the needs of individuals and businesses and not for profit organizations, including trust, trust and estate management services under the name of VNB Trust and Estate Services, and asset management and investment advisory services, including financial planning, under the Sturman Wealth Advisors name. Investment management services are also provided by Masonry Capital Management, LLC, a registered investment advisor and a wholly owned subsidiary of Virginia National. Virginia National’s shares trade on the OTC Markets Group’s OTCQX market under the symbol “VABK”. You can also find more information about Virginia National at www.vnbcorp.com.
Fauquier Bankshares, Inc. and its primary subsidiary, The Fauquier Bank, had total assets of $ 867.2 million and equity of $ 72.5 million as of December 31, 2020. Fauquier Bank is an independent community bank that offers a full range of financial services. These include internet banking, mobile banking, commercial, retail, insurance, wealth management and financial planning services through eleven banking offices in Counties Fauquier and Prince William, Virginia. You can find more information about Fauquier at www.TFB.bank or by phone at: (800) 638-3798.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are identified by the words “may,” “assume,” “approximate,” “will,” and “expects,” “anticipate,” ” Intention, “Plan”, “Believe”, “Search”, “Estimate”, “Goals”, “Projects” or words with a similar meaning. These forward-looking statements are based on the current beliefs and expectations of the respective management of Virginia National and Fauquier and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the control of Virginia National and Fauquier. In addition, these forward-looking statements are subject to various risks, uncertainties and assumptions relating to future business strategies and decisions, which are subject to change and are difficult to predict with regard to the timing, scope, probability and degree of occurrence. As a result, actual results may differ materially from the expected results discussed in these forward-looking statements due to possible uncertainties.
The following factors, among other things, could cause actual results to differ materially from anticipated results or other expectations expressed in the forward-looking statements: (1) The Virginia National and Fauquier companies may not combine successfully, or such a combination may be required to be longer, more difficult, more time-consuming, or more costly than expected; (2) The anticipated growth opportunities or cost savings from the combination may not be fully realized or they may take longer to be realized than expected. (3) Deposits attrition, operating costs, customer losses and post-merger business disruptions, including adverse effects on employee and customer relationships, may be greater than expected; (4) Changes in economic, legal, or regulatory environment, including changes in accounting standards, may adversely affect the companies in which Virginia National and Fauquier operate. (5) The interest rate environment can further compress margins and adversely affect net interest income. (6) Results can be adversely affected by persistent adverse changes in credit quality. (7) Competition from other financial services companies in the Virginia National and Fauquier markets could adversely affect business operations. (8) An economic slowdown could adversely affect credit quality and credit origination. (9) The COVID-19 pandemic is adversely affecting Virginia National, Fauquier and their respective customers, employees, and third party providers. The adverse effects of the pandemic on their respective business, financial condition, operations and prospects have been material and it is impossible to accurately predict the extent, severity or duration of the pandemic or the timing of the return to normal economic and operating conditions. and (10) other factors that could affect Virginia National and Fauquier future results. Additional factors that could cause actual results to differ materially from those expressed in the forward-looking statements are discussed in the Virginia National and Fauquier reports (e.g., Annual Reports on Form 10-K, Quarterly Reports on Form 10- Q and current reports on Form 8-K) filed with the Securities and Exchange Commission (the “SEC”) and available on the SEC’s website (http://www.sec.gov).
Virginia National Bankshares Corporation
Glenn Rust, President and Chief Executive Officer
Fauquier Bankshares, Inc.
Marc Bogan, President and Chief Executive Officer