Fauquier Bankshares and Virginia National Bankshares Corp., parent companies of Fauquier Bank and Virginia National Bank, have received shareholder approval for their previously announced merger, and will complete it April 1.
It merges one of the Washington region’s oldest banks with Charlottesville, Virginia-based Virginia National, giving it a presence in Northern Virginia. Virginia National currently has one branch in Winchester, and four in Charlottesville, and opens another in Richmond this summer.
Warrenton-based Fauquier Bank, founded in 1902, has about a dozen branches in Fauquier and Prince William counties.
When complete, Fauquier Bank branches will be rebranded as Virginia National Bank branches.
The merger will create a bank with $1.7 billion in assets, $1.5 billion in deposits, $1.2 billion in loans and $1.1 billion in customer assets under management.
“The enhanced scale and complementary business lines resulting from this transaction provides the best opportunity for both banks to better serve our major constituencies. There is a long-standing mutual respect between our two companies,” said Marc Bogan, president and CEO of Fauquier Bank, when the merger was first announced in October.
Virginia National shareholders will own 51.4% of the bank; Fauquier Bank shareholders, 48.6%.