First Bank & Trust Company

What First Bank & Trust Company does

First Bank & Trust Company is a privately-held community bank founded in 1979 (established 1980 per corporate history) and headquartered in Abingdon, Virginia, operating as a wholly-owned subsidiary of First Bancorp, Inc. The bank delivers full-service retail and commercial banking across three southeastern U.S. states—Virginia, Tennessee, and North Carolina (where it operates as First Bank & Trust Co. of Virginia)—through approximately 30 branch locations, 7 loan production offices, and a centralized operations center. Its product portfolio spans five core business units: Personal Banking (checking, savings, loans), Business & Commercial Banking (commercial real estate, lines of credit, treasury management, merchant services, USDA B&I guaranteed loans), Agricultural Lending (one of the top ag lenders nationally, covering row crops, livestock, dairy, poultry, forestry, and nurseries with FSA-guaranteed products), Mortgage Lending (conventional, jumbo, VA, FHA, USDA, construction, and home equity), and Wealth Management (delivered through the First Trust and Wealth Management subsidiary, with brokerage and insurance products placed through Osaic Institutions, Inc.).

The bank runs a digital banking platform with 20+ integrations spanning Zelle person-to-peer payments, mobile check deposit, contactless Visa debit cards supporting Apple Pay and Google Pay, card management controls, credit score monitoring, Autobooks invoicing, and a Virtual StrongBox document vault, accessible via native iOS/Android apps and web. The technology stack is built on standard community-bank infrastructure (the apps reference a "grip" mobile platform; trust services run on InfoVisa; merchant services on Celero Compass; 401(k) services on Go-Retire; loan payments on ProfitStars SmartPay), indicating integration-heavy rather than proprietary-platform positioning.

The revenue model is a classic spread-and-fee community bank construct: net interest income from deposit-taking and lending (personal, business, agricultural, commercial real estate, mortgage), complemented by transactional fee income (overdraft, ATM, paper statement fees), wealth management fees (recurring AUM-based via Osaic), and mortgage origination fees. The go-to-market is sales-led and relationship-driven, executed through physical branch presence augmented by a self-serve digital channel and direct-sales mortgage/lending officers. Customer segments are diversified across consumer, SMB, commercial, agricultural, and wealth—reducing segment concentration risk but creating exposure to rural/Appalachian credit cycles. Pricing for the consumer Free Checking account requires a $50 opening deposit and eStatement enrollment to avoid a $2 paper statement fee, signaling competitive deposit pricing. The bank is FDIC-insured and an Equal Housing Lender.

Name

First Bank & Trust Company

Legal name

First Bank & Trust Company

Website

https://firstbank.com

Company type

Private

Founded year

1980

Operating status

Operating

Headcount range

101–250 employees

Short description

First Bank & Trust Company is a privately-held community bank founded in 1979 in Abingdon, Virginia, offering full-service personal, business, agricultural, mortgage, and wealth management banking across Virginia, Tennessee, and North Carolina via ~30 branches and a digital platform.

Ownership category

akta.pro rank

Product category

Community Banking

NAICS

Commercial Banking (52211)

SIC

State Commercial Banks (6022)

akta.pro primary industry

Mass-Market Consumer Deposit Banking (Checking/Savings) (FSABAAAA)

akta.pro secondary industry

Small Business Banking (Microbusiness/Sole Proprietor) (FSABAAAI)

Keywords

• Community banking services
• Commercial lending
• Agricultural loans
• Mortgage financing
• Wealth management services

Headquarters

HQ city

Abingdon

HQ country

United States

HQ region

North America

Offices37 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Deposit-Taking and Lending: Traditional banking revenue from accepting deposits and providing loans including personal, business, agricultural, commercial real estate, and mortgage loans. Revenue generated through interest income on loans and investments.
2. Wealth Management Services: Comprehensive wealth management, investment management, retirement planning, estate planning, and trust services. Services offered through Osaic Institutions, Inc. for brokerage and investment products.
3. Mortgage Lending: Mortgage origination services including conventional, jumbo, VA, FHA, USDA loans, construction loans, home equity, and refinancing options. Revenue from origination fees and interest.
4. Banking Service Fees: Various banking fees including potential paper statement fees ($2), overdraft fees, ATM fees, and other service charges. Free checking available with eStatement enrollment.

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels5 records

Core offering

First Bank & Trust Company is a privately-held community bank offering a full suite of financial products and services including personal checking and savings, consumer and student loans, business and commercial banking, agricultural lending, residential mortgage loans, and wealth management and trust services. The bank distributes these products through a regional branch network across Virginia, Tennessee, and North Carolina, complemented by digital banking platforms and dedicated loan production offices.

Product overview

First Bank & Trust Company is a full-service community bank offering a comprehensive suite of banking products through a unified platform. The portfolio consists of six core product lines: Personal Banking (checking, savings, and personal loans), Business & Commercial Banking (commercial lending, cash management, and merchant services), Agricultural Loans (specialized farm and agribusiness lending across multiple industry segments), Mortgage Loans (residential purchase, refinance, and construction products), Wealth Management (investment management, estate planning, and trust services through Osaic Institutions), and Mobile & Online Banking (digital platform with Zelle payments, mobile deposit, digital wallets, and financial calculators). The bank operates across Virginia, Tennessee, and North Carolina, with over 20 digital integrations and cutting-edge financial tools supporting its technology-forward approach to community banking.

Differentiator

Problem solved

Functional benefit

Products and services

• Personal Checking Accounts Personal checking account products including Free Checking with no monthly service charges, no minimum balance requirements, access to digital banking platform, and surcharge-free Allpoint ATM access.
• Personal Savings Accounts
• Personal Loans
• Business and Commercial Banking
• Agricultural Loans
• Mortgage Loans
• Wealth Management and Trust Services
• Mobile and Online Banking
• Merchant Services
• Cash Management Solutions

Quantifiable outcome

• Access to over 55,000 surcharge-free Allpoint ATMs nationwide

Named customers1 record

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration8 records

Feature4 records

Partnerships

One partnership is on record.

• ZogocoreStrategic or Co-development Partner · 20 November 2025First Bank and Trust Company partnered with Zogo, a digital financial education platform, to promote financial literacy among students and adults. The partnership was highlighted at a Washington County, Virginia financial literacy event where the bank donated $10,000 to support high school scholarships.

Scale indicators8 records

Expansion highlights6 records

Broad incumbents

• Truist Financial: Charlotte, North Carolina-headquartered top-10 US bank formed from BB&T and SunTrust, with deep retail, commercial, and wealth franchises across the Carolinas, Virginia, Tennessee, and the broader Southeast. The largest incumbent competitor across all three of First Bank & Trust's core states.
• First Horizon Bank: Memphis, Tennessee-headquartered super-regional bank operating across Tennessee, North Carolina, and the broader Southeast with consumer, commercial, wealth, and capital markets lines. Significant Tennessee-based incumbent competitor for the bank's TN deposit base.
• Atlantic Union Bank: Richmond, Virginia-based regional bank (Atlantic Union Bankshares) serving Virginia, Maryland, North Carolina, and Washington D.C. with full personal, commercial, mortgage, and wealth offerings — the closest super-regional incumbent competing for similar customer segments.

Direct peers

• TowneBank: Portsmouth, Virginia-based community bank serving Virginia, North Carolina, and the Hampton Roads/Tidewater region with personal, business, mortgage and wealth services. Comparable in product breadth and southeastern community-bank positioning.
• Burke & Herbert Bank: Alexandria, Virginia-founded community bank now serving Virginia, Maryland, and Washington D.C. with personal, business, mortgage and wealth services. Comparable longstanding Virginia community-bank franchise.
• Pinnacle Financial Partners: Nashville, Tennessee-headquartered bank operating across Tennessee, North Carolina, Virginia, South Carolina, and Georgia with a sales-led, relationship-banking model. Strong comparable on footprint, sales motion, and consumer/small-business focus.
• United Bank: Charleston, West Virginia-headquartered community bank with branches across Virginia, West Virginia, and the Mid-Atlantic. Similar community-banking ethos and overlapping Mid-Atlantic/Southeastern geographic footprint.
• Carter Bank & Trust: Martinsville, Virginia-based community bank offering personal, business, and mortgage banking across Virginia and North Carolina. Closely comparable in size, multi-channel model, and Virginia/NC footprint to First Bank & Trust.
• Blue Ridge Bank: Virginia-headquartered community bank with branches across Virginia and the Carolinas, offering consumer, commercial, and mortgage banking. Comparable in regional community-banking positioning and product mix.
• F&M Bank: Timberville, Virginia-based community bank serving Virginia and West Virginia with consumer, agricultural, business, and mortgage banking. Highly comparable mid-Atlantic community-bank profile with strong ag lending overlap.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights6 records

Customer concentration

• Facebookfacebook.com/FirstBankAndTrust1979
• Instagraminstagram.com/firstbankandtrust

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments2 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about First Bank & Trust Company