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in a joint statement today, w.M. Feltner, Chairman of the Board of Chief Executive Officer of F & M National Corporation in Winchester and Mark C. Riley, President and Chief Executive Officer of PNB Financial Corporation, Warrenton announced that the two financial institutions have entered into negotiations and have agreed in principle to a Plan of Affiliation, subject to the approval of regulatory authorities and the stockholders of PNB Financial Corporation.
While the announcement of the two banking institutions did not disclose the details of the proposed merger agreement, it is anticipated that the definitive agreement will involve a tax-free exchange of shares
95.9%