First National Corp

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First National Corp (NASDAQ: FXNC) is a Virginia-based bank holding company that operates First Bank, a commercial bank chartered under Virginia law. It makes money primarily through net interest income, the spread between interest earned on loans and securities and interest paid on deposits and borrowings. First National Corp was incorporated under Virginia law on September 7, 1983. Its primary subsidiary, First Bank, offers commercial lines of credit, commercial term loans, real estate loans, construction loans, home equity loans, and consumer loans, with significant concentration in commercial real estate secured by owner-operated and other commercial properties. The company competes for loans and deposits against both local and national financial institutions. Subsidiaries include First Bank Financial Services, Inc., which holds an interest in a title insurance services entity, and Shen-Valley Land Holdings, LLC, formed to hold other real estate owned and future office sites.