09:04 AM EDT, 03/26/2024 (MT Newswires) -- First National ( FXNC ) said Tuesday it has agreed to acquire Touchstone Bankshares in an all-stock transaction that values Touchstone at approximately $47 million or $14.25 per share.

Touchstone stockholders will receive 0.8122 First National ( FXNC ) shares for every share owned, First National ( FXNC ) said.

The transaction is expected to close in Q4.

The combined company is expected to have $2.1 billion in total assets of, with $1.5 billion in loans and $1.8 billion in deposits, ranking it as the ninth largest Virginia community bank by deposits.

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