M&A - FIRST NATIONAL CORP /VA/

Form Type: 10-K

Filing Date: 2025-03-31

Corporate Action: Acquisition

Type: Update

Accession Number: 000143774925010228

Filing Summary: First National Corp (VA) files its annual Form 10-K for the fiscal year ending December 31, 2024. The report discusses the company’s financial performance, highlighting a significant acquisition of Touchstone Bankshares, referencing entity-specific fair value adjustments and merger costs. The financial statements provide insights into assets and liabilities, indicating an increase in total assets from the previous year, influenced by the incorporation of Touchstone’s financials. Key financial metrics include improved loan performance and overall net interest income, positively impacting retained earnings. The document also details compliance with accounting standards and regulatory frameworks, specifically related to investment securities and loan classifications. The report concludes with management's assessments regarding future business strategies and market conditions.

Form Type: SCHEDULE 13D/A

Filing Date: 2024-12-30

Corporate Action: Merger

Type: Update

Accession Number: 000143774924038528

Filing Summary: This Amendment No. 2 to Schedule 13D notes that the Reporting Person, Gerald F. Smith, Jr., no longer holds more than five percent of the Common Stock of First National Corp due to the merger of Touchstone Bankshares, Inc. with and into the Issuer. Consequently, the Reporting Person's holdings decreased below five percent following the issuance of 2,673,640 shares of Common Stock as consideration in this merger. As a result, the Reporting Person is no longer required to file a Schedule 13D, provided he maintains below a five percent stake. As of December 30, 2024, the Reporting Person beneficially owns 402,791 shares, representing approximately 4.5% of the Issuer's stock. The document confirms the shifts in ownership and details regarding the exercise of voting and disposition powers concerning the held shares.