Virginia National Bank, Charlottesville’s key regionally based mostly professional bank, is scheduling to purchase a Northern Virginia financial institution.
The lender has submitted an application with the Comptroller of the Currency to acquire The Fauquier Bank, in accordance to a general public detect published in The Day by day Progress.
The all-inventory offer is valued at about $61.73 million, in accordance to the application. The offer is predicted to close in the 1st 50 % of 2021.
The obtain will include 11 branches of Virginia National Bank in Fauquier and Prince William counties and produce a blended entity with far more than $1.6 billion in assets. The mixed organization will also have $1.4 billion in whole deposits, $1.3 billion and loans and additional than $1 billion in assets underneath management.
Virginia Countrywide shareholders have been exploring a sale or merger because at minimum 2014.
The application says that Virginia Nationwide and Fauquier started off discussing the merger in summer time 2019.
The Fauquier Lender is headquartered in Warrenton. It was originally chartered in 1902.
Marc Bogan, The Fauquier Bank’s president and CEO, instructed The Fauquier Situations that the coronavirus pandemic and very low interest premiums pushed the merger forward.