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STRASBURG, Va. - First National Corporation (NASDAQ: FXNC), the parent company of First Bank, announced today the appointment of Brad E. Schwartz as Executive Vice President and Chief Financial Officer (CFO), effective March 31, 2025. Schwartz, with a career spanning over four decades in Virginia banking, joins First National’s executive team at a pivotal moment following the company’s three acquisitions over the past decade. The $206 million market cap company has shown strong momentum, with revenue growing 18.28% in the past year. According to InvestingPro analysis, the company currently trades at a P/E ratio of 22.91, with analysts projecting continued profitability this year.
Schwartz’s extensive background includes leadership roles such as President and COO of TowneBank and CEO, CFO, and COO of Monarch Bank before its acquisition by TowneBank. He has also served as CFO for two other community banks in Virginia. His experience is expected to bolster First National’s strategic leadership, particularly in financial planning, strategy, budgeting, investor relations, accounting operations, and regulatory filings. The appointment comes as First National maintains its impressive track record of raising dividends for 11 consecutive years, demonstrating strong financial management. InvestingPro subscribers can access additional insights about the company’s financial health and growth prospects.
Scott C. Harvard, CEO of First National Corporation and First Bank, expressed enthusiasm for Schwartz’s addition to the team, highlighting his leadership, merger and acquisition experience, and deep understanding of community banking as invaluable assets to the company.
Schwartz, a Longwood University graduate with a B.S. in Business Administration and Accounting, also holds an MBA from the University of Richmond and is a Stonier Graduate School of Banking alumnus. He serves on the board of the Community Bankers Bank and has been involved with the Virginia Bankers Association Board. Additionally, he teaches as an Advanced Financial Management professor at the VBA University of Virginia School of Bank Management.
In his statement, Schwartz conveyed his excitement about joining First National and contributing to its continued growth and success, citing the company’s culture of customer and community service as a key factor in his decision.
First Bank, established in 1907, provides a range of loan and deposit products and services, including traditional banking services, wealth management, and title insurance services through its subsidiary, First Bank Financial Services, Inc. The bank operates across the Shenandoah Valley, south-central regions of Virginia, the Roanoke Valley, the Richmond MSA, and northern North Carolina through various channels, including online, mobile banking, ATMs, a loan production office, a customer service center, and thirty-three branch locations. The company’s stock has demonstrated remarkable performance, posting a 36.87% return over the past six months. Get comprehensive analysis and more exclusive insights about First National Corporation on InvestingPro, including additional ProTips and detailed financial metrics.
This executive transition is based on a press release statement from First National Corporation.
In other recent news, First National Corporation announced a quarterly cash dividend of $0.155 per common share. This dividend will be payable on March 14, 2025, to shareholders of record as of February 28, 2025. The declaration follows the company’s consistent practice of returning value to its shareholders, reflecting its financial health and commitment to its dividend policy. First National Corporation has a history of providing regular dividends, which are decided upon by the board based on the company’s performance, financial stability, and future investment needs. The announcement was made in a Form 8-K filing with the Securities and Exchange Commission, providing shareholders and the public with timely information on events that could affect their investment decisions. This dividend distribution is part of the company’s routine financial operations and does not necessarily indicate changes in its long-term strategic direction. Investors often view dividend announcements as an indicator of a company’s confidence in its current financial position and outlook. For more detailed information, investors can refer to the full Form 8-K filing made by First National Corporation with the SEC.
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