First Bank Welcomes Joe Shearin, President, Greater Richmond Market

Rhea-AI Summary

First National (NASDAQ: FXNC) has announced the appointment of Joe Shearin as President of Greater Richmond Market for First Bank. Shearin, who brings over 40 years of banking experience, will lead the bank's strategic efforts across Richmond, Southside Virginia, and northern North Carolina following the 2024 merger with Touchstone Bank.

As former President and CEO of Sonabank, Shearin successfully grew the bank from $500 million to over $3.4 billion in assets. Currently serving as Executive Director of the Small Business Financing Authority (VSBFA) and Founder/CEO of Jamescrest Consulting Group, he will focus on community impact and business development in First Bank's expanded footprint.

Positive

• Strategic expansion into Richmond market following 2024 Touchstone Bank merger
• Appointment of experienced executive with track record of growing assets from $500M to $3.4B
• Expansion of branch network to 33 locations across multiple regions

Negative

• None.

STRASBURG, Va., Feb. 18, 2025 (GLOBE NEWSWIRE) -- First National Corporation (the “Company” or “First National”) (NASDAQ: FXNC), the bank holding company of First Bank (the “Bank”) is pleased to announce the addition of Joe Shearin as President, Greater Richmond Market. Joe will lead First Bank’s strategic efforts across Richmond, Southside Virginia, and northern North Carolina. He will be responsible for community impact and all lines of business banking and business development in the expanded footprint, following the 2024 merger with Touchstone Bank.

Joe brings over 40 years of banking experience and is retired President and CEO of Sonabank/Southern National Bancorp (formerly EVB/Eastern Virginia Bankshares). During Joe’s tenure as President and CEO of Sonabank, he successfully led the company through major economic conditions, while growing the bank from approximately $500 million in assets to over $3.4 billion when he retired.

“We are thrilled to have a banker of Joe Shearin’s experience and caliber join our team. He is a proven community leader, and with his banking expertise and knowledge of the greater Richmond and Southside Virginia communities, this is a tremendous win for First Bank,” said Scott C. Harvard, CEO of First National Corporation and First Bank. “We believe banking is a people business, and Joe is a known and trusted advisor to his clients and in the community. His experience clearly aligns with our culture and strategic commitment to growth in the Richmond region and beyond.”

Joe was appointed in 2023 by Governor Glen Youngkin as the Executive Director of the Small Business Financing Authority (VSBFA). The VSBFA is dedicated to providing essential financing programs that support businesses, not-for-profits, and economic development authorities with the financing necessary for economic growth and expansion throughout the Commonwealth. In addition, Joe is the Founder and CEO of Jamescrest Consulting Group, whose mission is to assist organizations develop strategies to help improve their efficiencies, productivity, and profitability. A graduate, and now trustee, of North Carolina Wesleyan University, Joe has served as board member for Infinex Financial Services, Virginia Bankers Association, and director and previous chairman of Virginia Association of Community Banks. Currently he is director and Chairman of the Board for Community Bankers Bank. Joe is very active in the community, serving with many non-profit organizations.

“As a long-time Prince George and Richmond area resident, I am excited about the opportunity to lead true community banking here. First Bank understands what is important to our current clients and is eager to share those values with new and existing customers,” Joe stated. “While the banking industry in the Tri-Cities market is competitive, we feel the flexibility and efficiency that First Bank provides are key aspects of how we do business and do it well. Our team is focused on delivering community banking with a personal touch and a commitment to service.”

Joe and his team stand prepared to meet the banking needs of small businesses, corporations, real estate investors, individuals, municipalities, and non-profits alike.

Harvard added, “Joe adds to already impressive roster of leadership in our growing Richmond area market. His experience fully aligns with our culture and our focus on positioning First Bank for transformational growth in greater Richmond and beyond. We are excited about the significant contributions he will bring to First Bank.”

First National Corporation (NASDAQ: FXNC) is the parent company and bank holding company of First Bank, a community bank that first opened for business in 1907 in Strasburg. The Bank offers loan and deposit products and services through its website, www.fbvirginia.com, its mobile banking platform, a network of ATMs located throughout its market area, a loan production office, a customer service center in a retirement community, and thirty-three bank branch office locations located through the Shenandoah Valley, the south-central regions of Virginia, the Roanoke Valley, the Richmond MSA, and in northern North Carolina. In addition to providing traditional banking services, the Bank operates a wealth management division under the name First Bank Wealth Management. First Bank also owns First Bank Financial Services, Inc, which owns an interest in an entity that provides title insurance services.

CONTACTS

Scott C. Harvard
President and CEO
(540) 465-9121
sharvard@fbvirginia.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d129ef30-5acb-4c96-b0a0-51f51dc1babc

FAQ

What is the significance of Joe Shearin's appointment to FXNC's Richmond market expansion?

Joe Shearin's appointment as President of Greater Richmond Market brings 40 years of banking experience and proven growth expertise, having previously grown Sonabank from $500M to $3.4B in assets, which will support FXNC's expansion strategy in the Richmond region.

How many branch locations does FXNC operate after the 2024 Touchstone Bank merger?

FXNC operates 33 bank branch office locations across the Shenandoah Valley, south-central Virginia, Roanoke Valley, Richmond MSA, and northern North Carolina.

What territories will Joe Shearin oversee for FXNC?

Joe Shearin will lead First Bank's strategic efforts across Richmond, Southside Virginia, and northern North Carolina regions.

What additional services does FXNC offer beyond traditional banking?

FXNC offers wealth management services through First Bank Wealth Management division and title insurance services through First Bank Financial Services.