First National Corporation Agrees to Acquire Touchstone Bankshares in $47 Million Virginia Deal

First National Corporation has agreed to acquire Touchstone Bankshares for about $47 million, adding a community bank headquartered in Prince George, Virginia to its regional banking franchise. The transaction is structured as an all-stock deal.

Touchstone Bankshares operates twelve banking locations in and around Richmond, south-central Virginia and northern North Carolina.

DEAL STRUCTURE

The $47 million consideration for Touchstone Bankshares reflects an exchange ratio of 0.8122 First National shares per Touchstone share (about USD14.25 per share). The transaction requires regulatory approval before it can close.