First National to acquire Touchstone Bankshares for ~$47M in stock; 36% EPS accretion

FIRST NATIONAL CORP /VA/

All-stock merger: Touchstone shareholders get 0.8122 FXNC shares per TSBA share, valued at ~$14.25/share.
Combined pro forma assets ~$2.1B, deposits ~$1.8B, loans ~$1.5B; 30 branches in VA, 2 in NC.
Expected ~36% EPS accretion in year 1; TBV dilution earn-back ~3.0 years.
Anticipated cost synergies of ~$7.2M (35% of Touchstone noninterest expense).
Transaction approved by both boards; expected close Q4 2024 subject to shareholder and regulatory approvals.

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