In a just published Form 13, filed with the US Securities and Exchange Commission (SEC), First National Corp (OTCMKTS:FXNC) reported that First National Corp Employee Stock Ownership Plan has picked up 247,283 of common stock as of 2017-03-22.
The acquisition brings the aggregate amount owned by First National Corp Employee Stock Ownership Plan to a total of 247,283 representing a 5.0% stake in the company.
For those not familiar with the company, First National Corporation is a bank holding company of First Bank (the Bank). The Bank is a commercial bank, which provides loan, deposit, wealth management and other products and services in the Shenandoah Valley and central regions of Virginia. Loan products and services include personal loans, residential mortgages, home equity loans and commercial loans. Deposit products and services include checking, savings, and negotiable order of withdrawal (NOW) accounts, money market accounts, individual retirement accounts, certificates of deposit and cash management accounts. The Bank offers other services, including Internet banking, mobile banking, remote deposit capture and other traditional banking services. The Bank’s wealth management department offers estate planning, investment management of assets, trustee under an agreement, trustee under a will, individual retirement accounts and estate settlement.
A glance at First National Corp (OTCMKTS:FXNC)’s key stats reveals a current market capitalization of 69.95 Million based on 4.93 Million shares outstanding and a price at last close of $14.20 per share.
Looking at insider activity, there are a few transactions worth noting.
Specifically, on 2017-03-20, Brannock picked up 10 at a purchase price of $14.25. This brings their total holding to 502 as of the date of the filing.
On the sell side, the most recent transaction saw Smith unload 245,124 shares at a sale price of $6.20. This brings their total holding to 152,655.
It’s possible to gauge a company’s potential by tracking the activity of its major holders, as well as checking in on insider activity such as those transactions listed above. We’ll be keeping an eye on First National Corp (OTCMKTS:FXNC) as things move forward to see if its progress aligns with these transactions.
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