Virginia National Financial institution, Charlottesville’s primary regionally based professional lender, is arranging to order a Northern Virginia financial institution.
The bank has submitted an application with the Comptroller of the Currency to order The Fauquier Lender, according to a community notice published in The Every day Development.
The all-inventory offer is valued at about $61.73 million, in accordance to the software. The deal is expected to near in the first fifty percent of 2021.
The purchase will increase 11 branches of Virginia Nationwide Bank in Fauquier and Prince William counties and develop a merged entity with far more than $1.6 billion in belongings. The put together company will also have $1.4 billion in overall deposits, $1.3 billion and loans and additional than $1 billion in property underneath administration.
Virginia Nationwide shareholders have been exploring a sale or merger because at minimum 2014.
The software claims that Virginia Nationwide and Fauquier began talking about the merger in summer season 2019.
The Fauquier Lender is headquartered in Warrenton.
It was initially chartered in 1902.