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October 1, 2020

Fauquier Bankshares board OKs sale to Va. National

The Fauquier Bank headquarters building in Old Town Warrenton no longer will serve that role after the 2021 merger with Charlottesville-based Virginia National Bank.
The local bank’s 6 offices in Fauquier and 5 in Prince William will rebrand as VNB branches.
The enhanced scale and complementary business lines resulting from this transaction provides the best opportunity for both banks to better serve our major constituencies: our clients, our employees, our shareholders and our communities. We are committed to using the best practices of both companies to increase our market share across Virginia.
— Fauquier Bank President/CEO Marc Bogan
Fauquier County’s oldest and largest independent bank’s board has OKd its sale to a Charlottesville company — finally following the path Marshall National, People’s National, the State Bank of Remington and other local institutions have taken over the decades.

Fauquier Bankshares and Virginia National Bankshares leaders announced the “merger of equals” Thursday morning.

The Fauquier Bank has 11 offices here and in Prince William County. It dominates the Fauquier market in terms of total deposits.

“Under the terms of the agreement, Fauquier shareholders will receive 0.6750 shares of Virginia National common stock for each share of Fauquier common stock held. After the merger of Fauquier into Virginia National, Virginia National shareholders will own approximately 51.4% of the combined company, and Fauquier shareholders will own approximately 48.6%,” the press release states.

Fauquier’s headquarters in Warrenton will close and the institution’s name, which dates to 1902, will disappear.

“The combined company would have approximately $1.6 billion in total assets, $1.4 billion in total deposits, $1.3 billion in loans and over $1 billion in assets under management based upon reported amounts as of June 30, 2020,” statement says.

> Editor’s column: Bank for decades resisted merger overtures

“There is a long-standing mutual respect between our two companies,” Fauquier President CEO Marc J. Bogan said. “The enhanced scale and complementary business lines resulting from this transaction provides the best opportunity for both banks to better serve our major constituencies: our clients, our employees, our shareholders and our communities. We are committed to using the best practices of both companies to increase our market share across Virginia.”

Fauquier will merge into Virginia National, the surviving holding company, its headquarters remaining in Charlottesville. The Fauquier Bank will merge into Virginia National Bank. TFB branches will be rebranded as VNB offices.

The new corporate and subsidiary boards will have six members apiece from the Fauquier boards. Virginia National would get seven seats on each board.

Virginia National Chairman William D. Dittmar Jr. will continue in that role, while Fauquier Chairman John B. Adams Jr., of The Plains, will serve as vice chairman.

Mr. Rust will continue as president/CEO of Virginia National and Mr. Bogan will serve as president/CEO of VNB.

Fauquier Bankshares total assets stood at $825.6 million June 30.

For the first six months of this year, Fauquier Bankshares reported a $3 million profit, down 6.9 percent from the first half of 2019.

Shareholders’ equity rose from $64.1 million a year earlier to $71.1 million on June 30.

The company’s stock, traded on Nasdaq, closed down slightly at $15.05 a share on Sept. 28. It has ranged from $11.27 to $22.16 a share over the last 52 weeks.

Traded over the counter, Virginia National Bankshares stock closed up slightly at $24.10 a share Sept.30. It has ranged from $23.75 to $37.75 over the last 52 weeks.

“It is a rare opportunity to have two well-respected community banks of equal size in attractive markets put their individual missions aside to join forces in order to improve the experience of clients and employees and accelerate the returns of their shareholders,” said Glenn W. Rust, President and Chief Executive Officer of Virginia National. “Our entire team is honored to be entering this partnership with The Fauquier Bank, and I look forward to the leadership of The Fauquier Bank joining our team and bringing their expertise and experience to our organization.”
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