CHARLOTTESVILLE, Va., April 01, 2021 (GLOBE NEWSWIRE) -- Virginia National Bankshares Corporation (OTCQX: VABK), parent company of Virginia National Bank, announced today the completion of its merger of equals transaction with Fauquier Bankshares, Inc., parent company of The Fauquier Bank. Following the completion of the merger and based on financial information as of December 31, 2020, Virginia National has approximately $1.7 billion in total assets and approximately $1.5 billion in total deposits.

“This is an exciting moment in the history of Virginia National as we increase our ability to better serve the financial needs of our customers, while also providing the opportunity to enhance profitability and increase shareholder value,” said Glenn W. Rust, President and Chief Executive Officer of Virginia National.

Under the terms of the merger agreement, shareholders of Fauquier are entitled to receive 0.6750 shares of Virginia National common stock for each share of Fauquier common stock. Virginia National’s common stock has been approved for listing on the Nasdaq Capital Market and will begin trading on April 5, 2021 under the ticker symbol “VABK.” Immediately following completion of the holding company merger, The Fauquier Bank was merged with and into Virginia National Bank. The former branches of The Fauquier Bank assumed in the merger will operate as The Fauquier Bank, a division of Virginia National Bank, until systems are converted in July 2021.

Former President and Chief Executive Officer of Fauquier, Marc J. Bogan, who has been appointed President and Chief Executive Officer of Virginia National Bank, added, “We are excited to continue Fauquier’s legacy of excellence in customer service and community-focused approach as we join forces with Virginia National. Our combined resources and enhanced branch network will allow us to better serve the needs of our customers and community.”

About Virginia National

Virginia National, headquartered in Charlottesville, Virginia, is the bank holding company for Virginia National Bank. Virginia National Bank offers a full range of banking and related financial services to meet the needs of individuals, businesses and charitable organizations, including fiduciary, trust and estate administration services under the name VNB Trust and Estate Services, and wealth and investment advisory services, including financial planning, under the name Sturman Wealth Advisors. Investment management services are also offered through Masonry Capital Management, LLC, a registered investment advisor and wholly-owned subsidiary of Virginia National. Additional information about Virginia National is also available at www.vnbcorp.com.