Union First Market Bankshares completes acquisition of StellarOneStaff writer ▼ |
Under the terms of the merger agreement, StellarOne shareholders will receive 0.9739 shares of Union common stock in exchange for each share of StellarOne common stock they owned.
"Today marks the return of statewide community banking to Virginia. It's been nearly 15 years since Virginians have had a bank with the footprint and scale of Union's to call their own," said G. William Beale, president and chief executive officer of Union.
"The combination of two of Virginia's largest community banks provides Union with the growth opportunities, asset base and footprint to continue to deliver a best-in-class customer experience, offer superior financial services and solutions, provide a rewarding experience for our teammates and generate top-tier financial performance for our shareholders."
Based on financials reported on September 30, 2013, the combined company has total assets of $7.1 billion, deposits of $5.7 billion and loans of $5.3 billion. Union will operate in all major Virginia markets, deepening its presence in its current footprint and expanding in key trade areas, and will have the fifth largest branch network in Virginia. Union will continue to operate Union First Market Bank and StellarOne Bank separately until their systems are converted in May 2014. ■