FIRST NATIONAL CORP /VA/ Business Summary

First National Corp (FXNC) is a financial holding company for First Bank, primarily generating revenue through net interest income from its Community Banking segment and fee-based non-interest income from its Wealth Management division. The business model focuses on traditional lending—including commercial, residential mortgage, and consumer loans—complemented by trust and estate administration services for high-net-worth clients. As of February 2026, the company is executing a strategic branch optimization plan to consolidate its footprint to 28 offices, prioritizing digital infrastructure and expansion into high-growth Virginia corridors like Richmond and Roanoke. FXNC competes directly with regional players such as Esquire Financial (ESQ), Amerant Bancorp (AMTB), and Equity Bancshares (EQBK), distinguishing itself through superior asset quality and a localized service model that achieved record-breaking profitability in the 2025 fiscal year. Leadership is directed by President and CEO Scott C. Harvard, a veteran executive with over four decades of experience in the Virginia banking landscape and a former chairman of the Virginia Bankers Association. The management team was further bolstered in March 2025 with the appointment of Brad E. Schwartz as Executive Vice President and Chief Financial Officer, who previously held top-tier leadership roles at TowneBank and Monarch Bank. Daily operations are managed by Senior EVP and COO Dennis A. Dysart, a long-tenured leader who has served the bank in various executive capacities since 1993. The company maintains a strong governance structure with a board of directors that includes real estate expert Norman D. Wagstaff Jr., and it enjoys significant institutional backing from major investors such as BlackRock, Inc. and Fourthstone LLC.