James R. Wilkins III, a director at First National Corp (NASDAQ:FXNC), recently acquired additional shares of the bank, which has seen its stock surge nearly 70% over the past six months to trade near its 52-week high of $25.75. According to a recent SEC filing, Wilkins purchased four shares of common stock at a price of $15.40 per share, totaling $61. Following this transaction, Wilkins holds a significant number of shares through various holdings, including LTW Holdings LLC, Wilkins Investments LP, and other entities. This acquisition reflects his continued investment in the $231 million market cap company, which maintains a 2.41% dividend yield and has raised its dividend for 11 consecutive years. According to InvestingPro, which offers 10+ additional insights, the stock currently trades above its Fair Value, suggesting careful consideration before following this insider purchase.
In other recent news, First National Corporation has seen significant developments. The company recently announced the departure of Executive Vice President and CFO, M. Shane Bell, who is leaving to pursue other business opportunities. In light of this, Bruce E. Thomas has been appointed as the interim CFO of both First National Corporation and its wholly-owned subsidiary, First Bank (NASDAQ:FRBA).
Simultaneously, First National Corporation has completed its merger with Touchstone Bankshares, Inc., a move that has expanded the company's assets to approximately $2.1 billion, with loans of $1.5 billion and deposits totaling $1.8 billion. The merger has integrated Touchstone Bank into First Bank, increasing the combined entity's presence through 33 branch offices across Virginia and North Carolina, along with three loan production offices and a variety of online banking services.
These recent developments have occurred as the banking industry navigates a complex economic environment. Notably, 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. This is part of the ongoing strategic changes within First National Corporation.
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