RICHMOND, Va.—In an all-stock transaction, a Nelson Mullins team representing First National Corporation helped finalize a $47 million merger with Touchstone Bankshares, Inc. on March 25.

The Nelson Mullins team was led by partners Ben Barnhill, Maurice Holloway, and Brittany McIntosh, and associates Troy Varrasse and Johnny Aluri.

The two community banks will join as one company to further its deep commitment to the customers and communities each have served since the early 1900s. With total assets expected to reach $2.1 billion between 30 branch offices across Virginia and two branches in North Carolina, the company is anticipating being the ninth largest Virginia community bank as ranked by total deposits.

First National Corporation is the parent and holding company of First Bank, a community bank that opened its doors in 1907 in Strasburg, Virginia. The bank also operates a wealth management division—First Bank Wealth Management—in addition to providing traditional banking services and owning First Bank Financial Services, Inc., which invests in organizations that provide investment services and title insurance.

Touchstone Bank, which was founded in 1906 as The Bank of Dinwiddie, currently manages 13 banking locations in and nearby Richmond, South Central Virginia, and northern parts of North Carolina. As of Dec. 31, 2023, Touchstone reported $658.7 million in assets.

The transaction is expected to close in the fourth quarter of 2024, subject to approval of both companies’ shareholders, regulatory approvals, and other customary closing conditions.

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Established in 1897, Nelson Mullins is a full-service Am Law 100 firm of more than 1,000 attorneys, policy advisors, and professionals with offices across the United States. For more information, go to www.nelsonmullins.com.