DivestmentMay 4, 2026, 04:33 PM
Virginia National Bankshares Expects $4.7M Gain from Divestment
AI Summary
Virginia National Bankshares Corporation announced that its indirect, wholly owned subsidiary, Fauquier Bank Services, Inc., completed the sale of its interest in Bearing Insurance Group, LLC, a full-service insurance agency. The transaction was effective May 1, 2026. The company anticipates realizing a pre-tax gain of approximately $4.7 million from this divestment, which will be recorded in its second-quarter 2026 operating results.
Key Highlights
- Virginia National Bankshares' subsidiary, Fauquier Bank Services, Inc., completed the sale of its interest in Bearing Insurance Group, LLC.
- The sale was effective May 1, 2026.
- The company expects to realize a pre-tax gain of approximately $4.7 million from the sale.
- The gain will be reflected in the company's operating results for the second quarter of 2026.