FIRST NATIONAL CORP

First National Corporation is a bank holding company incorporated in Virginia on September 7, 1983. The company's primary operating subsidiary is First Bank, a commercial bank chartered under Virginia law, which opened for business on July 1, 1907, as The Peoples National Bank of Strasburg. First Bank converted to a state-chartered bank on June 1, 1994. The company's subsidiaries include First Bank Financial Services, Inc., which holds an interest in an entity providing title insurance services. Other subsidiaries are Shen-Valley Land Holdings, LLC, formed to hold real estate and future office sites, and McKenney Group, LLC, which owns an interest in a currently inactive entity that previously offered insurance services. Additionally, the company has First National (VA) Statutory Trust II and First National (VA) Statutory Trust III, formed to issue redeemable capital securities. These trusts are not included in the company's consolidated financial statements. In March 2025, two previously held subsidiaries, Bank of Fincastle Services, Inc. and ESF, LLC, were closed without material financial impact. The primary source of revenue for First National Corporation is net interest income earned by First Bank.