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Subsequent Event
9 Months Ended
Sep. 30, 2020
Subsequent Events [Abstract]  
Subsequent Event

 

Note 11.  Subsequent Event

On October 1, 2020, the Company announced the signing of a definitive merger agreement with Fauquier Bankshares, Inc. (“Fauquier”), pursuant to which the companies will combine in an all-stock merger with the Company as the surviving company.  At or immediately following consummation of the merger, The Fauquier Bank, the wholly owned banking subsidiary of Fauquier, will be merged with and into the Bank, with the Bank as the surviving bank. Under the terms of the merger agreement, Fauquier shareholders will receive 0.675 shares of Company stock for each share of Fauquier common stock they own.  Shareholders of the Company will own approximately 51.4% and Fauquier shareholders will own approximately 48.6% of the combined company.  The combined company will operate under the Virginia National Bankshares name and the combined bank will operate under the Virginia National Bank name.  Additional information on the merger can be found in the Company’s 8-Ks filed with the SEC on October 1, 2020 and October 2, 2020.