First National Corporation (the Company) is a bank holding company incorporated
under Virginia law on September 7, 1983. The Company owns all of the stock of
its primary operating subsidiary, First Bank (the Bank), which is a commercial
bank chartered under Virginia law. The Company’s subsidiaries are:
• First Bank (the Bank). The Bank owns:
• First Bank Financial Services, Inc.
• Shen-Valley Land Holdings, LLC
• First National (VA) Statutory Trust II (Trust II)
• First National (VA) Statutory Trust III (Trust III)
First Bank Financial Services, Inc. invests in entities that provide title
insurance and investment services. Shen-Valley Land Holdings, LLC was formed
to hold other real estate owned and future office sites. The Trusts were formed
for the purpose of issuing redeemable capital securities, commonly known as
trust preferred securities and are not included in the Company’s consolidated
financial statements.
The Bank first opened for business on July 1, 1907 under the name The Peoples
National Bank of Strasburg. On January 10, 1928, the Bank changed its name to
The First National Bank of Strasburg. On April 12, 1994, the Bank received approval
from the Federal Reserve Bank of Richmond (the Federal Reserve) and the Virginia
State Corporation Commission’s Bureau of Financial Institutions to convert
to a state chartered bank with membership in the Federal Reserve System. On
June 1, 1994, the Bank consummated such conversion and changed its name to First
Bank.
The Bank provides loan, deposit, wealth management and other products and services
in the Shenandoah Valley and central regions of Virginia. Loan products and
services include personal loans, residential mortgages, home equity loans and
commercial loans. Deposit products and services include checking, savings, money
market accounts, individual retirement accounts, certificates of deposit and
cash management accounts.
The Bank’s wealth management department offers estate planning, investment
management of assets, trustee under an agreement, trustee under a will, individual
retirement accounts, and estate settlement. The Bank launched a mortgage department
during the second quarter of 2014. The mortgage department began originating
residential mortgage loans to customers in the third quarter of 2014. Loans
originated through this department may be sold to investors in the secondary
market or held in the Bank’s loan portfolio. Mortgage services are offered
to customers throughout the Bank’s market area.
The Bank’s office locations are well-positioned in attractive markets
along the Interstate 81, Interstate 66 and Interstate 64 corridors in the Shenandoah
Valley and central regions of Virginia. Within this market area, there are various
types of industry including medical and professional services, manufacturing,
retail, government contracting and higher education. Customers include individuals,
small and medium-sized businesses, local governmental entities and non-profit
organizations.
The Bank’s products and services are delivered through its mobile banking
platform, its website, www.fbvirginia.com, a network of ATMs located throughout
its market area, two loan production offices, a customer service center in a
retirement village, and 15 bank branch office locations located throughout the
Shenandoah Valley and central regions of Virginia.
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