First Bank to Acquire 6 Bank of America Branches - WBOC-TV 16, Delmarvas News Leader, FOX 21 -

First Bank to Acquire 6 Bank of America Branches

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STRASBURG, Va. (AP) - First Bank plans to acquire six Bank of America branches in the Shenandoah Valley.

The branches are located in Dillwyn, Farmville, Staunton, Waynesboro and Woodstock.

Media outlets report that the Strasburg-based bank's holding company, First National Corporation, announced the acquisition on Wednesday.

The acquisition is expected to be completed by the second quarter of 2015. First Bank says it plans to hire all the branches' employees.

Bank of America spokeswoman Nicole Nastacie says the bank decided to sell the branches to a community bank instead of closing them in order to preserve jobs and continue local banking services in the communities.

As of Sept. 30, First Bank had $519 million in assets.

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