February 17, 2016 Edition

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FNB receives settlement;
Smith expresses gratitude

Gretchen Hunt

First National Bank President Milton Smith expressed his appreciation to the bank's customers, following an announcement that the bank has received an insurance payment of $2.685 million related to a theft that was discovered in April of 2015.

"We would like to thank all of our customers for their support and loyalty during this ordeal," he said. "It will not be forgotten."

In an article in the Sept. 2 edition of The Times Dispatch, the bank reported it had been a victim of fraud resulting in an almost $3.9 million loss. At that time, customers were reassured that the bank's capital was still more than sufficient to protect the bank and its customers.

Smith reported on Tuesday that with the insurance settlement and income for 2015, the bank's capital has increased.

"The bank's capital is now higher than before the theft was discovered," Smith said. "The bank had earnings of over $1.2 million for 2015 and a slight increase in deposits for the year."

The criminal investigation related to the fraud is still ongoing.

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