FXNC - First National Bank - The Highest Quality Community Bank In Virginia
Introduction
First National Corporation (FXNC) was incorporated in 1983 as a holding company for its subsidiary, First Bank, which first opened for business in 1907. First Bank is headquartered in Strasburg, Virginia and has branches throughout the Shenandoah Valley and Central Virginia. According to FDIC market share reports, the company has 10.15% of total deposits in its market area, ranked fourth overall.
The financial crisis had a delayed impact on First Bank’s bottom line. The company reported shrinking, but positive earnings in 2008 and 2009, before reporting losses of $3.6 million and $10.96