First Bank

What First Bank does

First Bank is a community bank founded in 1907 and headquartered in Strasburg, Virginia, operating as the banking subsidiary of First National Corporation, a publicly traded bank holding company on NASDAQ under the ticker FXNC. The bank serves individual consumers, small and mid-size businesses, municipalities, non-profit organizations, healthcare providers, hospitality operators, and rental property owners across Virginia and North Carolina. It distributes through a planned 28-branch network (down from 33 in H2 2026 once the announced optimization closes) supplemented by three loan production offices, two customer-service centers in retirement communities, online and mobile banking platforms, and an ATM network with nationwide fee-refund features on certain accounts.

The product set spans personal checking tiers (Anywhere, Free, Premier, and Gold checking for age 55+), mortgages (fixed-rate, adjustable-rate, jumbo, construction, FHA/VA, USDA Rural Housing), the Simply Rewards Visa credit card issued by UMB Bank, auto and personal loans, HELOCs, and wealth management through First Bank Wealth Management. Business banking includes treasury management, Positive Pay check fraud monitoring, merchant services delivered through Atlantic Merchant (a Payroc subsidiary), payroll services, sweep accounts, and SBA lending. Mobile banking supports remote deposit capture, peer-to-peer PayAny1 payments, and tokenization for Apple Pay, Google Pay, and Samsung Pay via First Bank Visa debit cards. Underlying technology is described as traditional banking infrastructure with standard digital channels rather than proprietary platforms.

Revenue is generated primarily through net interest income on the loan portfolio (mortgages, commercial, consumer, home equity) net of interest paid on deposits, supplemented by non-interest income from account maintenance and overdraft fees, ATM and interchange fees (including credit-card interchange on Simply Rewards Visa), merchant services processing, treasury and payroll fees, and wealth management. In October 2024, First National Corporation completed the all-stock acquisition of Touchstone Bankshares, Inc., extending First Bank's footprint into the Richmond MSA, Southside Virginia, and northern North Carolina, followed by integration and a 33-to-28 branch consolidation expected to close in H2 2026 with no announced layoffs.

Name

First Bank

Legal name

First Bank

Website

https://fbvirginia.com

Company type

Public

Founded year

1907

Operating status

Operating

Headcount range

251–500 employees

Short description

First Bank is a Virginia-based community bank, subsidiary of First National Corporation (NASDAQ: FXNC), offering personal and business banking, mortgages, wealth management, and merchant services across Virginia and North Carolina through a 28-branch network (post-2026 optimization, down from 33).

Ownership category

akta.pro rank

Product category

Community Banking

NAICS

Commercial Banking (52211), Savings Institutions and Other Depository Credit Intermediation (522180)

SIC

State Commercial Banks (6022)

akta.pro primary industry

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

akta.pro secondary industries

Small Business Banking (Microbusiness/Sole Proprietor) (FSABAAAI), Bank & Credit Union Personal Loans (Unsecured Installment) (FSAKAAAL), Savings Banks (Public/State-Owned) (FSABAKAK)

Keywords

• Community banking services
• Personal and business banking
• Mortgage and consumer lending
• Wealth management services
• Commercial lending solutions

Headquarters

HQ city

Strasburg

HQ country

United States

HQ region

North America

Offices9 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Net Interest Income: Interest income from loan portfolio including mortgages, commercial loans, consumer loans, and home equity products, offset by interest paid on deposits
2. Non-Interest Income: Fee income from account maintenance, overdraft fees, ATM fees, wire transfers, merchant services, treasury management services, and wealth management services
3. Credit Card Revenue: Interchange income and fees from Simply Rewards Visa credit card program issued through UMB Bank
4. Wealth Management: Investment management, estate planning, and IRA services through First Bank Wealth Management division

Pricing tiers

Go-to-market motion2 records

Distribution channels7 records

Marketing channels7 records

Core offering

First Bank is a community bank offering personal and business banking products and services including checking accounts, savings accounts, mortgages, consumer loans, commercial loans, credit cards, treasury management, merchant services, payroll services, and wealth management. The bank distributes these offerings through 33 branch locations across Virginia and North Carolina, complemented by online, mobile, and ATM channels. It is the banking subsidiary of publicly traded First National Corporation (NASDAQ: FXNC).

Product overview

First Bank is a community bank (subsidiary of First National Corporation, NASDAQ: FXNC) offering a comprehensive suite of personal and business banking products. The bank's offerings include multiple personal checking account tiers (Anywhere Checking, Free Checking, Premier Checking, Gold Checking), mortgage products (Adjustable Rate, Fixed Rate, Jumbo, Construction, FHA/VA, Rural Housing Loans), credit cards (Simply Rewards Visa), deposit accounts, and business banking solutions (Treasury Management, Positive Pay, Merchant Services, Payroll Services). The bank also operates a wealth management division and provides mobile/online banking platforms. Services are delivered through its website (www.fbvirginia.com), mobile banking platform, network of ATMs, and 33 branch locations across Virginia and North Carolina.

Differentiator

Problem solved

Functional benefit

Products and services

• Anywhere Checking Personal checking account offering nationwide ATM fee refunds up to $15, on-the-go banking tools, and up to 1% cash back on qualified non-PIN debit card purchases. Requires $500 average monthly balance or $1,000+ direct deposit to avoid a $7 monthly fee.
• Free Checking Fee-free personal checking account designed for customers who bank electronically; requires e-Statements and online banking enrollment. No monthly fee.
• Premier Checking Premium interest-bearing personal checking account offering free check orders, free coin machine usage, and safe deposit box rebate. Requires $10,000 minimum balance to avoid a $15 monthly fee.
• Gold Checking Checking account for customers age 55+ featuring health and security perks, free CD withdrawal for medical use, and multiple fee-waiver options including $500 balance, $100+ direct deposit, or automatic loan payment.
• Adjustable Rate Mortgage Mortgage with monthly payments that adjust as interest rates change, designed for borrowers expecting income increases or planning to move or refinance within 3-5 years.
• Fixed Rate Mortgage Mortgage with consistent interest rate and monthly payment over the loan term, suitable for homeowners planning long-term residence.
• Jumbo Loans Mortgage financing for amounts exceeding $806,500 with flexible terms, personalized loan structure, and available fixed and adjustable rate options.
• Construction Loans Financing for new home construction or existing home renovations with the option to wrap lot loan and construction financing into one loan with fixed rate and interest-only payments.
• FHA/VA Loans Government-insured mortgages with lower down payment requirements and flexible credit/income guidelines, including up to 100% financing for qualified service members and veterans.
• Rural Housing Loans (USDA) No down payment mortgage for qualifying rural areas, available to first-time homebuyers and previous homeowners for single-family homes and townhomes.
• Simply Rewards Visa Credit Card Credit card earning 3x points at grocery stores, discount stores, gas stations, restaurants, and fast food locations; 1x points on all other purchases. Includes Visa Zero Liability fraud protection, auto rental coverage, and online credit control. Issued by UMB Bank, n.a.
• Mobile Banking 24/7 mobile banking access allowing customers to deposit checks, transfer money, pay bills, send P2P payments via PayAny1, and access accounts via smartphone or tablet.
• Online Banking Internet banking platform for managing accounts, paying bills, viewing transactions, and accessing e-Statements.
• PayAny1 Person-to-Person Payments Person-to-person payment service allowing mobile banking users to send money to other individuals quickly.
• Treasury Management Business cash management services including deposit capture, liquidity management, and payment solutions for business banking customers.
• Merchant Services

Quantifiable outcome

• Up to 1% cash back on debit card purchases with Anywhere Checking
• +3 more outcomes

Segments9 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

Feature6 records

Partnerships

Six partnerships are on record, tiered core and minor.

• Atlantic Merchant Services (subsidiary of Payroc)coreTechnology or Integration · 1 January 2025Strategic partnership for payment processing solutions. Beginning January 1, 2025, Atlantic Merchant provides First Bank clients with seamless, secure, and customized payment processing including point-of-sale systems, contactless payment options, and business analytics tools. This partnership enables First Bank to offer cutting-edge payment solutions to community businesses, non-profits, and municipalities while maintaining customer-first focus.
• Touchstone Bankshares, Inc.coreStrategic or Co-development Partner · 1 October 2024First National Corporation completed acquisition of Touchstone Bankshares, Inc. (OTCPK: TSBA) effective October 1, 2024. The all-stock merger expanded First Bank's footprint to include Richmond MSA and Southside Virginia markets. Touchstone Bank operated as a community bank serving Prince George and surrounding Virginia communities.
• Minority Business Fund PartnersminorStrategic or Co-development PartnerFirst Bank partnered with three local community banks to create a Minority Business Fund to aid both startup and existing minority-owned small businesses. This community initiative supports minority business development in the bank's service areas.
• UMB Bank, n.a.coreChannel Partner/ Reseller/ DistributorUMB Bank issues the Simply Rewards Visa Credit Card for First Bank customers. Cards are issued by UMB Bank, n.a. with First Bank branding and rewards program.
• Touchstone BankcoreStrategic or Co-development PartnerFollowing the merger with Touchstone Bankshares, Inc., Touchstone Bank operations were integrated into First Bank, expanding the bank's presence in Richmond, Southside Virginia, and northern North Carolina markets.
• First Bank Financial Services, Inc.coreOthersFirst Bank owns First Bank Financial Services, Inc., which owns an interest in an entity that provides title insurance services.

Scale indicators11 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Blue Ridge Bankshares: Virginia-chartered community bank holding company headquartered in Luray, Virginia, with branches across the Shenandoah Valley and central Virginia. Directly competes with First Bank in overlapping Shenandoah Valley and central Virginia markets with similar consumer and SMB banking products.
• Pinnacle Financial Partners: Tennessee-headquartered community bank with an analogous relationship-banking model, local market presidents, and full-service consumer/commercial/wealth offering. Comparable in operating philosophy and product breadth though geographically focused in the Southeast.
• Burke & Herbert Financial Services: Virginia-based community bank (now publicly traded) serving Northern Virginia, Richmond, and Fredericksburg. Similar relationship-driven community banking model with personal and business banking, mortgages, and wealth services in overlapping Virginia geographies.
• TowneBank: Virginia-chartered community bank headquartered in Portsmouth serving Virginia and North Carolina with personal banking, commercial lending, and mortgage products. Comparable mid-sized regional community bank with overlapping geographic footprint in the Richmond and Hampton Roads corridors.
• National Bankshares: Small Virginia community bank holding company operating through The National Bank of Blacksburg. Directly comparable in scale and Virginia footprint, offering consumer and commercial banking in southwestern Virginia with similar community-bank economics.
• Atlantic Union Bankshares: Parent of Atlantic Union Bank, a Virginia-headquartered community bank of comparable scale serving individuals, businesses, and municipalities across Virginia, Maryland, and North Carolina. Operates a similar full-service community banking model with consumer deposits, commercial lending, and wealth management.

Regional players

• Eagle Bancorp: Bethesda, Maryland-based bank holding company operating EagleBank, a community business bank in the Washington DC metro area and Northern Virginia. Comparable in commercial banking focus and mid-Atlantic community positioning, though focused on the DC metro rather than central/western Virginia.

Broad incumbents

• Bank of America: National megabank with extensive retail branch presence across Virginia and North Carolina. Competes head-on with First Bank in consumer deposits, mortgages, credit cards, and small business banking, with greater scale, digital capabilities, and balance sheet.
• Wells Fargo: National bank with significant branch density in Virginia and North Carolina, competing across consumer, mortgage, commercial lending, and wealth. Represents the dominant national incumbent that First Bank competes against on local market expertise versus scale.
• United Bankshares: Larger Mid-Atlantic regional bank holding company headquartered in Washington, DC, operating across Virginia, West Virginia, Maryland, DC, and North Carolina. Provides community banking services at a broader regional scale, overlapping directly with First Bank in Virginia and North Carolina.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/fbvirginia
• YouTubeyoutube.com/user/firstbankva
• Facebookfacebook.com/fbvirginia
• LinkedInlinkedin.com/company/first-bank-strasburg
• Instagraminstagram.com/firstbankva

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about First Bank