FBSS Fauquier Bankshares Inc

The funds for the purchase of the Shares directly owned by Ategra Community Financial came from the working capital of Ategra Community Financial. No borrowed funds were used to purchase the Shares, other than any borrowed funds used for working capital purposes in the ordinary course of business.

The funds for the purchase of the Shares indirectly beneficially owned by Ategra GP came from the working capital of Ategra Community Financial and other clients of Ategra Capital Management. No borrowed funds were used to purchase the Shares, other than any borrowed funds used for working capital purposes in the ordinary course of business.

The funds for the purchase of the Shares indirectly beneficially owned by Ategra Capital Management came from the working capital of Ategra Community Financial and other clients of Ategra Capital Management. No borrowed funds were used to purchase the Shares, other than any borrowed funds used for working capital purposes in the ordinary course of business.

The funds for the purchase of the Shares indirectly beneficially owned by each of Mr. Holtaway and Mr. Rebibo came from the working capital of Ategra Community Financial and other clients of Ategra Capital Management. No borrowed funds were used to purchase the Shares, other than any borrowed funds used for working capital purposes in the ordinary course of business.

The Shares held by the Reporting Persons were acquired for investment purposes in the ordinary course of the Reporting Persons’ investment activities.

The Reporting Persons have had dialogue with the Issuer’s management and board of directors with such discussion having included corporate governance, board composition, share capitalization and corporate transactions, including a request on August 18, 2020 for Mr. Holtaway’s inclusion on the Issuer’s Board of Directors.  The Reporting Persons expect to have future discussion with the Issuer’s management and board of directors covering a broad range of subjects relative to performance, shareholder value and governance of the Issuer.

Except as otherwise set forth herein, the Reporting Persons do not have any present plans or proposals which would relate to, or result in, the matters set forth in subparagraphs (a) – (j) of Item 4 of Schedule 13D.

The Reporting Persons reserve the right, at a later date, to effect one or more of such changes or transactions in the number of Shares they may be deemed to beneficially own.

As of the date hereof, Ategra Community Financial may be deemed to be the beneficial owner of 344,948 Shares, constituting 9.1% of the Shares, based upon 3,794,725 Shares outstanding as of the date hereof.1 Ategra Community Financial has the sole power to vote or direct the vote of 0 Shares and the shared power to vote or direct the vote of 344,948 Shares. Ategra Community Financial has the sole power to dispose or direct the disposition of 0 Shares and the shared power to dispose or direct the disposition of 344,948 Shares.

As of the date hereof, Ategra GP may be deemed to be the beneficial owner of 359,958, constituting 9.5% of the Shares, based upon 3,794,725 Shares outstanding as of the date hereof. Ategra GP has the sole power to vote or direct the vote of 0 Shares and the shared power to vote or direct the vote of 359,958 Shares. Ategra GP has the sole power to dispose or direct the disposition of 0 Shares and the shared power to dispose or direct the disposition of 359,958 Shares.

As of the date hereof, Ategra Capital Management may be deemed to be the beneficial owner of 359,958 Shares, constituting 9.5% of the Shares, based upon 3,794,725 Shares outstanding as of the date hereof. Ategra Capital Management has the sole power to vote or direct the vote of 0 Shares and the shared power to vote or direct the vote of 359,958 Shares. Ategra Capital Management has the sole power to dispose or direct the disposition of 0 Shares and the shared power to dispose or direct the disposition of 359,958 Shares.

As of the date hereof, Mr. Holtaway may be deemed to be the beneficial owner of 359,958 Shares, constituting 9.5% of the Shares, based upon 3,794,725 Shares outstanding as of the date hereof. Mr. Holtaway has the sole power to vote or direct the vote of 0 Shares and the shared power to vote or direct the vote of 359,958 Shares. Mr. Holtaway has the sole power to dispose or direct the disposition of 0 Shares and the shared power to dispose or direct the disposition of 359,958 Shares.

As of the date hereof, Mr. Rebibo may be deemed to be the beneficial owner of 359,958 Shares, constituting 9.5% of the Shares, based upon 3,794,725 Shares outstanding as of the date hereof. Mr. Rebibo has the sole power to vote or direct the vote of 0 Shares and the shared power to vote or direct the vote of 359,958 Shares. Mr. Rebibo has the sole power to dispose or direct the disposition of 0 Shares and the shared power to dispose or direct the disposition of 359,958 Shares.

The transactions in the Shares by the Reporting Persons during the past sixty days are set forth in Exhibit B.

None

Exhibit A: Joint Filing Agreement

Exhibit B: Schedule of Transactions in the Shares

By: Ategra GP, LLC, its general partner

Name: Jonathan Holtaway

Title: Managing Member

Ategra GP, LLC*

/s/ Jonathan Holtaway

Name: Jonathan Holtaway

Title: Managing Member

Ategra Capital Management, LLC*

/s/ Jonathan Holtaway

Name: Jonathan Holtaway

Title: Managing Member

Jonathan Holtaway*

By: /s/ Jonathan Holtaway

Jacques Rebibo*

By: /s/ Jacques Rebibo

By: Ategra GP, LLC, its general partner

Name: Jonathan Holtaway

Title: Managing Member

Ategra GP, LLC*

/s/ Jonathan Holtaway

Name: Jonathan Holtaway

Title: Managing Member

Ategra Capital Management, LLC*

/s/ Jonathan Holtaway

Name: Jonathan Holtaway

Title: Managing Member

Jonathan Holtaway*

By: /s/ Jonathan Holtaway

Jacques Rebibo*

By: /s/ Jacques Rebibo