First Bank Names Matt Paciocco as Regional Market Executive for Richmond Market
September 30 2021 - 4:08PM
First National Corporation (the “Company” or “First National”)
(NASDAQ: FXNC), the bank holding company of First Bank (the
“Bank”), announced today that Matt Paciocco has been named First
Bank’s Regional Market Executive for the Richmond area. The
Richmond banking leader brings an experienced team in his new role
leading the commercial growth strategy for the market. Paciocco’s
extensive experience includes working with several banks in the
market as well as active involvement in several non-profit
organizations. First Bank also entered into a Purchase and
Assumption Agreement, dated September 30, 2021, to purchase a
portfolio of loans and certain assets associated with a branch
office of Knoxville, Tennessee-based SmartBank located in the
Richmond market, where Paciocco and his team have been operating.
“At First Bank, we believe banking is a people business and Matt
Paciocco and his team share our values and understand the
importance of reliable personal relationships,” said Scott Harvard,
CEO of First Bank. Harvard continued, “Combining Matt’s team with
our legacy team that has been led by Andy McLean will create a
cohort of bankers that embrace our values and know the Richmond
market well. Matt is actively involved in the community, serving as
the Chairman of Richmond Resources for Independent Living, on the
Longwood University College of Business and Economics Advisory
Board, The Richmond Golf Association, Central Virginia Resource
Corporation, and various committees and councils of
ChamberRVA.”
Paciocco commented, “Richmond is a fast-growing, dynamic market,
with a vibrant supportive non-profit community. My entire career
has been focused on serving the needs of Richmond businesses by
being a trusted advisor that customers can count on. This new role
will allow our team to continue serving the community that has
supported us over the years.”
The terms of the Purchase and Assumption Agreement provide for
First Bank to acquire approximately $83 million in loans and,
substantially all fixed assets related to SmartBank’s Richmond
branch. The terms of the agreement also provide for First Bank to
assume the facility lease of the branch office located at 4421 Cox
Road in Glen Allen, Virginia. First Bank paid a premium based on a
specific percentage of the loans sold. The fixed assets were
acquired at SmartBank’s book value. Additionally, the SmartBank
employees from this location, including Paciocco, are transitioning
to become employees of First Bank. First Bank will not assume any
deposit liabilities from SmartBank in connection with the
transaction and SmartBank intends to close their branch operation
on December 31, 2021. First Bank will continue to operate a loan
production office from the location after the SmartBank branch is
closed. First Bank’s assumption of the lease and acquisition of the
remaining branch assets is expected to be completed in the fourth
quarter of 2021, subject to customary closing conditions.
FORWARD-LOOKING STATEMENTS
Certain information contained in this discussion may include
“forward-looking statements” within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. These forward-looking
statements relate to the Company’s future operations and are
generally identified by phrases such as “the Company expects,” “the
Company believes” or words of similar import. Although the Company
believes that its expectations with respect to the forward-looking
statements are based upon reliable assumptions within the bounds of
its knowledge of its business and operations, there can be no
assurance that actual results, performance or achievements of the
Company will not differ materially from any future results,
performance or achievements expressed or implied by such
forward-looking statements. Forward-looking statements involve a
number of risks and uncertainties, including the rapidly changing
uncertainties related to the COVID-19 pandemic and its potential
adverse effect on the economy, our employees and customers, and our
financial performance. For details on other factors that could
affect expectations, see the risk factors and other cautionary
language included in the Company’s Annual Report on Form 10-K for
the year ended December 31, 2020, and other filings with the
Securities and Exchange Commission.
ABOUT FIRST NATIONAL CORPORATION
First National Corporation (NASDAQ: FXNC) is the parent company
and bank holding company of First Bank, a community bank that first
opened for business in 1907 in Strasburg, Virginia. The Bank offers
loan and deposit products and services through its website,
www.fbvirginia.com, its mobile banking platform, a network of ATMs
located throughout its market area, two loan production offices, a
customer service center in a retirement community, and 20 bank
branch offices located throughout the Shenandoah Valley, the
central regions of Virginia, and the Richmond and Roanoke market
areas. In addition to providing traditional banking services, the
Bank operates a wealth management division under the name First
Bank Wealth Management. First Bank also owns First Bank Financial
Services, Inc., which invests in entities that provide investment
services and title insurance.
CONTACTS
Scott C. Harvard |
|
M. Shane Bell |
President and CEO |
|
Executive Vice President and
CFO |
(540) 465-9121 |
|
(540) 465-9121 |
sharvard@fbvirginia.com |
|
sbell@fbvirginia.com |
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