Stay in the know! Sign up to get Fauquier County news updates delivered to your inbox.
Advertise on Fauquier Now!
FauquierNow.com
How would. you describe your mental health or emotional well-being this spring? Vote!
HOME OBITUARIES NEWS OPINIONS BUSINESS STYLE CALENDAR CLASSIFIEDS
Free classifieds! Members can also post calendar events, news, opinions and more ... all for free! Register now!
Login · Forgot Your Password?
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.
Member comments
Please, be polite. Avoid name-calling and profanity.
For credibility, sign your real name; stand behind your comments. Readers will give less credence to anonymous posts.
To comment, please log in or register.
Facebook comments
Enter your email address above to begin receiving
news updates from FauquierNow.com via email.
Saturday, April 10
17 new COVID-19 cases in Fauquier among 1,700 across Virginia reported Saturday morning
Friday, April 9
Rescue Act funds for schools, recreation revenue decline, town’s proposed budget and potential Belvoir roundabout cost
Friday, April 9
Fauquier infections up 22 Thursday, while more than 20 percent of county residents complete vaccinations
More Fauquier news
© Copyright 2011-2018

50 Culpeper Street, Suite 3
Warrenton, Virginia 20187
540.359.6574
Crime Log
Obituaries
Business
Add Your News
The Big Picture
Ellen’s Kitchen
and Garden

Features
Real Estate
For Sale
Employment
Automotive
Announcements
Legal Notices
Post an Ad
Advertise
Terms of Service