First National Corporation (NASDAQ:FXNC), a Virginia-based commercial bank, announced today the resignation of Executive Vice President and Chief Financial Officer M. Shane Bell, effective December 2, 2024. Bell, who has been with the company for an undisclosed period, is leaving to pursue another business opportunity. His departure is not due to any disagreements with the company's operations, policies, or practices.
Following Bell's resignation, First National Corporation has named Bruce E. Thomas as the interim Chief Financial Officer for both the company and its wholly-owned subsidiary, First Bank (NASDAQ:FRBA), starting on the effective date of Bell's departure. Thomas, 61, brings extensive experience to the role, having previously served as Senior Vice President of Finance at First Bank since 2022 and, before that, as Executive Vice President and Chief Financial Officer at Essex Bank and Community Bankers (NASDAQ:ESXB) Trust Corporation from 1990 to 2021.
The transition in the company's financial leadership comes at a time when the banking industry is navigating a complex economic environment. However, the company's filings with the Securities and Exchange Commission did not elaborate on the strategic implications of these executive changes.
In other recent news, First National Corporation has completed its merger with Touchstone Bankshares, Inc. The merger, which saw Touchstone Bank integrated into First Bank, has expanded First National's assets to approximately $2.1 billion, with loans of $1.5 billion and deposits totaling $1.8 billion. The combined entity now operates through 33 branch offices across Virginia and North Carolina, along with three loan production offices and a range of online banking services.
The merger, which had previously received all necessary regulatory approvals, was finalized after obtaining approval from the shareholders of both corporations. The consolidation is expected to enhance First National's presence in the Richmond metro area with the addition of seven Touchstone branches.
Touchstone Bank customers will receive detailed information about their account transitions in February 2025, and until then, both banks will continue to serve their customers through existing branches, websites, and mobile apps.
InvestingPro Insights
As First National Corporation (NASDAQ:FXNC) navigates this leadership transition, recent financial data and market trends provide additional context for investors. According to InvestingPro, FXNC's market capitalization stands at $148.92 million, with a P/E ratio of 21.25, indicating moderate investor expectations for future growth.
Despite the upcoming change in financial leadership, FXNC has demonstrated strong financial performance. InvestingPro Tips highlight that the company has been profitable over the last twelve months and analysts predict continued profitability this year. This financial stability is further underscored by FXNC's commitment to shareholder returns, having raised its dividend for 10 consecutive years and maintained dividend payments for 11 consecutive years.
The market has responded positively to FXNC's performance, with the stock showing a strong return over the last three months and trading near its 52-week high. The current dividend yield of 2.51% may be attractive to income-focused investors, especially considering the company's history of dividend growth.
For investors seeking a more comprehensive analysis, InvestingPro offers 11 additional tips on FXNC, providing deeper insights into the company's financial health and market position.
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