The merger of The Fauquier Bank with Virginia National Bank, based in Charlottesville, will take effect April 1 after shareholders from each bank’s holding company voted to approve the measure, a press release announced Friday. The expected “merger of equals” was first announced in October 2020.
As part of the merger deal, the “Fauquier Bank” name will end after 119 years, with existing branches and offices taking on the “Virginia National” brand.
Although in legal terms the merger will be effective next month, a spokesperson for The Fauquier Bank said Friday that existing customers will not experience any interruption to bank services and there will be few visible changes at first.
“Our clients will not experience many changes as of legal day one. Their account numbers will still be in effect and they can use checks as they always have,” the spokesperson said. “They are able to use Virginia National Bank ATMs without fees and vice versa, which is a huge advantage to all clients. We do expect some changes in a few months because of integration, but any changes we have will be communicated to our clients well in advance.”
The combined banks will be headquartered in Charlottesville. However, the Old Town Warrenton building that currently serves as The Fauquier Bank headquarters will not close and will still house bank offices along with a retail banking branch, the spokesperson said.
Currently headquartered in Warrenton, The Fauquier Bank currently has a total of 11 branches in Fauquier and Prince William counties. The bank was originally chartered in 1902 as Fauquier National Bank and began using its current name in 1994.
Virginia National Bank was founded in 1998 and has several offices in the Charlottesville area, one office in Winchester and is currently set to open an office in Richmond.
The combined entity will have approximately $1.7 billion in assets, $1.5 billion in deposits, $1.2 billion in loans and $1.1 billion in assets under management based on data from Dec. 31, 2020, Friday’s press release said.