---
schema_version: "secwatch.filing_event.v1"
accession: "0001437749-21-016156"
form_type: "8-K"
ticker: "FXNC"
cik: "0000719402"
company_name: "FIRST NATIONAL CORP /VA/"
filed_at: "2021-07-01T23:59:59+00:00"
generated_at: "2026-06-30T08:16:23.447846+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# First National completes acquisition of The Bank of Fincastle for stock and cash

## Summary
- Each Fincastle share converts to 0.1649 FXNC shares or $3.30 cash (80% stock, 20% cash).
- Combined pro-forma assets ~$1.2B, loans $868M, deposits $1.1B at Dec 31, 2020.
- Three former Fincastle directors (Holt, Sprinkle, Patel) appointed to First National board.
- Fincastle branches to operate as division of First Bank until systems integration in October 2021.

## SEC filing metadata
- accession: 0001437749-21-016156
- form_type: 8-K
- ticker: FXNC
- cik: 0000719402
- company_name: FIRST NATIONAL CORP /VA/
- filed_at: 2021-07-01T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.01, 5.02, 5.03, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/719402/000143774921016156/0001437749-21-016156-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/719402/000143774921016156/fxnc20210630_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001437749-21-016156
- JSON: https://secwatch.observer/filing/0001437749-21-016156.json
- Plain text: https://secwatch.observer/filing/0001437749-21-016156.txt

## Key facts
- Executive change
  C. Ray Sprinkle was appointed as Director at FIRST NATIONAL CORP /VA/.
  - Action: appointed
  - Role: Director
  source text: Effective July 1, 2021, the Company’s board of directors increased in size from eight to 11 directors and Messrs. George Edwin Holt, III, C. Ray Sprinkle, and Kirtesh Patel, each a former director of Fincastle, were appointed as directors of the Company, to fill the resulting vacancies on the board.
  evidence_url: https://www.sec.gov/Archives/edgar/data/719402/000143774921016156/0001437749-21-016156-index.htm
- Executive change
  George Edwin Holt, III was appointed as Director at FIRST NATIONAL CORP /VA/.
  - Action: appointed
  - Role: Director
  source text: Effective July 1, 2021, the Company’s board of directors increased in size from eight to 11 directors and Messrs. George Edwin Holt, III, C. Ray Sprinkle, and Kirtesh Patel, each a former director of Fincastle, were appointed as directors of the Company, to fill the resulting vacancies on the board.
  evidence_url: https://www.sec.gov/Archives/edgar/data/719402/000143774921016156/0001437749-21-016156-index.htm
- Executive change
  Kirtesh Patel was appointed as Director at FIRST NATIONAL CORP /VA/.
  - Action: appointed
  - Role: Director
  source text: Effective July 1, 2021, the Company’s board of directors increased in size from eight to 11 directors and Messrs. George Edwin Holt, III, C. Ray Sprinkle, and Kirtesh Patel, each a former director of Fincastle, were appointed as directors of the Company, to fill the resulting vacancies on the board.
  evidence_url: https://www.sec.gov/Archives/edgar/data/719402/000143774921016156/0001437749-21-016156-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.