First National Corporation Completes Acquisition of Touchstone Bankshares, Signaling a New Era in Banking Services

Breaking News
STRASBURG, Va. Oct.
1, 2024 ? First National Corporation (NASDAQ: FXNC), the one-bank holding company for First Bank, has officially completed its merger with Touchstone Bankshares, Inc.
The merger, effective today, marks a significant milestone in the company?s strategy to enhance its banking operations and broader service offerings to customers.

Under the terms of the merger, each outstanding common and preferred share of Touchstone Bankshares is converted into 0.8122 shares of First National Corporation's common stock.
This means that shareholders of Touchstone will now hold shares in First National, which has a robust market presence and a focus on traditional banking services enhanced by innovative digital solutions.

?With the completion of this merger, we are not just expanding our footprint; we are enriching our ability to serve our customers, stated the CEO of First National Corporation.
?By merging with Touchstone Bank, we enhance our resources, technology, and talent pool, and we are positioned to deliver even greater value to our customers and communities.?

Following the merger, Touchstone Bank, the wholly owned subsidiary of Touchstone Bankshares, has been fully integrated into First Bank.
This foundational change aims to create a more streamlined operation, combining both entities' strengths and service offerings within the marketplace.

First National Corporation, which has approximately 6.26 million shares outstanding with a current share price hovering around $17.50, emphasizes a customer-centric approach and a commitment to sustainable growth.
As First National continues to embrace an era of robust financial services, the merger is expected to bring about an enhanced banking experience for customers, underpinned by local insights and a profound industry understanding.

Earlier in September, shareholders from both companies provided their approval for the merger, paving the way for this new chapter in banking services.
This transformative partnership is poised to benefit stakeholders and strengthen First National's position in the competitive financial landscape.


As First National Corporation embarks on this new journey, attention now turns to the integration process and how various banking services will evolve in light of this merger.

For ongoing updates and information, visit First National Corporation?s official website or follow them on social media.

,

More First National Corp's News

First National Corp First National Corporation and Touchstone Bankshares, Inc. Secure Shareholder Approval for Merger, Signaling New Era in Banking Services September 3, 2024

First National Corp First National Corporation and Touchstone Bankshares: A Merger Generates Positive Momentum as Regulatory Approvals Received August 8, 2024

First National Corp A Game-Changing Merger: First National Corporation to Acquire Touchstone Bankshares, Inc. March 26, 2024

More Merger and Acquisition News

Merger and Acquisition Descartes Systems Group Enhances E-Commerce Offerings with New Inventory and Order Management Tools October 14, 2024

Merger and Acquisition Greenridge Explorations Bold Move: Acquisition of ALX Resources Corp. Signals Expansion in High-Demand Mining Sector, October 11, 2024

Merger and Acquisition Breaking News: Better Choice Company Expands into Veterinary Medicine with SRx Health Acquisition, Launching Better Pet Rx Initiative in 2025 October 11, 2024

Previous News

Brewing Dreams Samuel Adams Culinary Tribute to Small Business Resilience,

Radiating Accessibility Positron Corporation Unveils Innovative Prime Rental Program for PET-CT Systems,

Amerant Bank Taps Sterling Harrell for Broward Growth A New Era Amid Market Struggles,

Unlocking Genomic Potential A New Era of Innovation Begins in Southeast Asia

Transforming Spaces Matterports Fall 2024 Release Introduces Revolutionary Tools and Sustainability Insights,

Jewett-Cameron Partners with Continental Sales to Reinvent Home Improvement Distribution in America

STMicroelectronics and Qualcomm Forge Strategic Alliance to Reinforce Wireless IoT Leadership Amid Positive Financial...

Beauty with Purpose Oliveda Internationals Commitment to Sustainability and Global Community

Premier, Inc.s Strategic Shift A Stronger Future Through PPE Partnership and Asset Realignment

Title': Ocean Bank Partners with NCR Atleos to Enhance Financial Accessibility; LibertyX Bitcoin Cashout Feature and Credit Upgrade Strengthen Atleos' Market Position
Ocean Bank Collaborates with NCR Atleos: Enhancing Financial Accessibility in Florida and Beyond'

In a strategic move aimed at expanding customer access to financial services, Ocean Bank the largest independent state-chartered commercial bank headquartered in Florida has chosen NCR Atleos Corporation to leverage the Allpoint Network. This decision underscores Ocean Bank's commitment to growth and enhancing the ease of financial service access for its customers across the state.

Key Facts and Implications:'

'Partnership with Ocean Bank:'

- Ocean Bank, with assets worth $6.4 billion, aims to widen its financial service offerings and cash accessibility.

- The collaboration with Atleos' Allpoint Network aligns with the bank's expansion strategy, significantly boosting ATM availability and cash accessibility for customers.

- For Atleos, securing a deal with Florida's largest independent commercial bank solidifies its standing as a leader in expanding self-service financial access.

'Launch of LibertyX Bitcoin Cashout Feature:'

- NCR Atleos has introduced an innovative LibertyX Bitcoin Cashout feature that allows customers to sell bitcoin and obtain cash from ATMs nationwide.

- This feature is poised to bridge the gap between digital and physical currency transactions, providing increased convenience with transaction points located within five miles of over 75% of Americans.

- The integration of bitcoin transactions into traditional banking operations highlights Atleos' adaptability and willingness to embrace digital currency movements, potentially attracting a broader customer base.

'Credit Rating Upgrade from Moody's:'

- NCR Atleos has received an upgrade in its credit rating from Moody's, elevating its Corporate Family Rating to B1 from B2.

- The upgrade reflects sustained strategic execution and strong financial performance since its separation from NCR Corporation in October 2023.

- Enhanced credit ratings often translate to lower borrowing costs and improved investor confidence, enabling Atleos to pursue future expansions and innovations more vigorously.

Assessment:'

NCR Atleos is demonstrating robust strategic and financial advancement through key partnerships, innovative product offerings, and financial stability as evidenced by its upgraded credit rating. The collaboration with Ocean Bank positions Atleos to expand its market reach, while the LibertyX Bitcoin Cashout feature aligns with contemporary trends in digital currency adoption. Additionally, the recent credit rating upgrade reinforces Atleos' credibility and strengthens its financial foundation, potentially unlocking more growth opportunities.

As Atleos continues to blend traditional banking operations with innovative digital solutions, its position as a versatile and forward-thinking player in the financial services industry appears increasingly solidified. These developments not only offer substantial benefits to partner institutions like Ocean Bank but also to consumers who can expect enhanced access to a range of financial services.,