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Banks May
Affiliate
In a joint statement W.M. Feltner, Chairman of the Board and Chief Executive Officer of F & M National Corporation, Winchester, and Hugh W. Compton, President of Hallmark Bank & Trust Compnay, Springfield, 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 Hallmark Bank & Trust Company.
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 between F & M National Corporation and Hallmark Bank & Trust Company.
Hall Bank & Trust Company’s main office is located in Springfield and three banch offices are located in Alexandria, Annandale, and Woodbridge. As of Nov. 30, 1993, Hallmark Bank & Trust Company had total assets of $122 million.
F & M National Corporation, a multi-bank holding company headquartered in Winchester reported total assets of $1,417 billion at Nov. 30,1993. F & M has six banking affiliates in Virginia and three banking affiliates in West Virginia, with a total of 63 banking offices, including a branch bank in Flint Hill.
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