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March 26, 2021

The Fauquier Bank merger into Virginia National OK’d

The Fauquier Bank has maintained its headquarters in downtown Warrenton since 1902.
The stockholders of Fauquier’s oldest and largest independent bank voted Thursday to approve a “merger of equals” with Charlottesville-based Virginia National Bankshares Corp.

Fauquier Bankshares and its subsidiary, The Fauquier Bank, will become part of Virginia National on April 1, according to a press release from the companies.

The 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, based on Dec. 31 figures.

Virginia National stockholders also approved the merger Thursday.

The combination will result in the disappearance of The Fauquier Bank as a brand. The 11-branch, Warrenton-based bank started in 1902.

“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 percent of the combined company, and Fauquier shareholders will own approximately 48.6 percent,” the banks announced in an Oct. 1 press release.

Fauquier’s headquarters in Warrenton will close.

Under terms announced in October, 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.

Glenn W. Rust will continue as president/CEO of Virginia National and Fauquier’s chief executive, Marc J. Bogan will serve as president/CEO of VNB.

Fauquier Bankshares reported a $5.9-million profit last year. It ended 2020 with total assets of $867.1 million and shareholders’ equity of $72.5 million.
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