First Bank Names Matt Paciocco Senior Vice President and Regional Executive

STRASBURG, Va., May 11, 2022 (GLOBE NEWSWIRE) -- First National Corporation (the "Company" or "First National") (NASDAQ:FXNC), the bank holding company of First Bank (the “Bank”), announced today that Matt Paciocco was named Senior Vice President and Regional Executive for Richmond, Virginia. Paciocco will be responsible for overseeing community impact and all lines of business banking, and business development.

“Matt’s experience fully aligns with our culture and our focus on positioning First Bank for transformational growth in the Richmond market,” said Scott Harvard, CEO of First Bank.

Born and raised in Richmond, Matt began his career in 2003 with the former First Market Bank, meeting and working with some of his current First Bank colleagues. He has over 18 years of experience in all areas of commercial and retail banking where his focus has been building strong relationships, providing responsive service, and acting as a trusted advisor to his clients. Matt has a B.S. in Business Administration and a B.S. in Economics from Longwood University and is also a graduate of the Virginia Bankers Association’s School of Bank Management at the University of Virginia.

Mr. Paciocco leads the Richmond team of 12 bankers, six in First Bank’s Innsbrook Office and six bankers in the branch office located at 5601 Patterson Avenue. The team includes well known Richmond bankers Bill Bien and Andy McLean, along with Bonnie Howle and Tonda Arthur, both seasoned treasury management professionals. Paciocco and team joined First Bank in September 2021 when the Bank acquired an $82 million local loan portfolio from SmartBank, who chose to exit the market. As of March 31, 2022, the combined teams accounted for over $150 million in loans and $40 million in deposits in the Richmond market and plans to build those totals to $250 million and $100 million respectively, as the Bank deepens its presence in the market. “As a lifelong Richmond native, I enjoy the opportunity to impact our market through various banking channels. First Bank is dedicated to the area and has provided incredible support to our customers, community, and team of bankers,” Matt Paciocco stated. “While the banking industry in Richmond is very strong and competitive, we feel that flexibility, efficiency, and accuracy are key aspects of how we do business. Our team continues to deliver banking services with a personal touch and commitment to service that is unmatched.”

Matt and his team deliver a diverse set of skills and deep relationships in the Richmond market that are grounded in high quality customer service and providing comprehensive commercial banking solutions. Harvard added, “We’re excited for the opportunity to build our banking company in Richmond around Matt and this strong team of bankers.”

ABOUT FIRST NATIONAL CORPORATION AND FIRST BANK

First Bank is a wholly owned subsidiary of First National Corporation (the “Company”) (NASDAQ: FXNC). First Bank is a community bank that first opened for business in 1907 in Strasburg, Virginia. 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, customer service centers in two retirement communities, and 20 bank branch office locations located throughout the Shenandoah Valley, the central regions of Virginia, the Roanoke Valley, and in the city of Richmond. 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 invests in entities that provide investment services and title insurance.

FORWARD-LOOKING STATEMENTS

Certain information contained in this discussion may include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements relate to the Company’s future operations and are generally identified by phrases such as “the Company expects,” “the Company believes” or words of similar import. Although the Company believes that its expectations with respect to the forward-looking statements are based upon reliable assumptions within the bounds of its knowledge of its business and operations, there can be no assurance that actual results, performance, or achievements of the Company will not differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements involve a number of risks and uncertainties, including the rapidly changing uncertainties related to the COVID-19 pandemic and its potential adverse effect on the economy, our employees and customers, and our financial performance. For details on other factors that could affect expectations, see the risk factors and other cautionary language included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, and other filings with the Securities and Exchange Commission.

CONTACTS

Scott C. Harvard	Dennis A. Dysart
Chief Executive Officer	President and Chief Operating Officer
(540) 465-9121	(540) 465-9121
sharvard@fbvirginia.com	ddysart@fbvirginia.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/b137fb8e-d17b-4046-8ea3-d5113ab8f7cc