The deal expands ABNB’s footprint in north central North Carolina as banks and credit unions continue a steady wave of branch transactions.

ABNB Federal Credit Union has reached an agreement to acquire two North Carolina branch locations from First Bank of Virginia, expanding the Chesapeake-based lender’s presence in the region amid a broader reshaping of community banking networks.

The transaction, which is subject to regulatory approval and customary closing conditions, will transfer branches in Roanoke Rapids and Louisburg to ABNB later this year pending regulatory approvals, customer notifications and vendor conversion availability.

Financial terms were not disclosed.

Headquartered in Chesapeake, Virginia, ABNB Federal Credit Union operates 14 branches across North Carolina and the Hampton Roads region of Virginia and serves more than 81,000 members. The credit union has grown steadily in recent years, increasing assets to $957 million, according to data from the National Credit Union Administration.

It earned roughly $1 million in 2025, compared with $3 million in 2024.

The acquisition reflects what both institutions described as a shared commitment to community banking and long-term stability in the affected markets. No job losses are expected as a result of the transaction, and both organizations said they plan to retain local teams and leadership to ensure continuity.

“We are pleased to welcome the communities of Roanoke Rapids and Louisburg to ABNB,” said Charles Mallon Jr., president and chief executive of ABNB Federal Credit Union. “As a member-owned credit union, we’re dedicated to providing financial opportunities which improve our members’ lives and strengthen the communities we serve.”

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Mallon emphasized the importance of local staffing in ensuring a smooth transition. “A successful transition depends on the people who serve these communities every day,” he said. “We’re focused on maintaining strong local teams and delivering a seamless experience for both employees and members.”

The seller, First National Corporation (NASDAQ: FXNC), is the parent company of First Bank, which first opened in 1907 in Strasburg, Virginia. The bank operates 33 offices across the Shenandoah Valley, the Roanoke Valley, the Richmond metropolitan area, south-central Virginia and northern North Carolina.

Under a broader branch optimization plan, the bank will reduce its footprint to 28 offices, including the sale of the two standalone North Carolina locations and the consolidation of three Virginia offices into nearby branches. The bank recently closed two loan production offices in North Carolina as part of that strategy.

“These strategic decisions reflect our ongoing commitment to operating as an efficient, forward-thinking community bank while maintaining the personal touch and local focus that define us,” said Scott Harvard, chief executive of First National Corporation. “We remain fully dedicated to providing convenient, high-quality banking services across all our markets.”

The bank expects to record a one-time gain on the sale of the two North Carolina offices, partially offset by costs associated with consolidating the three Virginia branches.

The deal comes as credit unions increasingly acquire bank branches — and, in some cases, entire banks.

Family Savings Credit Union, a $1.1 billion-asset institution based in Rainbow City, Alabama, earlier this month agreed to acquire two North Alabama branches of Citizens Bank & Trust.

Sixteen credit union– whole bank acquisitions were announced in 2025, slightly below the record 22 announced in 2024 but still historically high. So far in 2026, one such transaction has been announced, underscoring how consolidation continues to redraw the map of community finance.

“By optimizing our delivery footprint, we can invest more effectively in technology, staff training, and community initiatives that directly benefit our customers and neighbors.”

– Scott Harvard
CEO
First National Corporation