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Union, Xenith Bankshares to merge, assets $12.3 billion

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Staff Writer |
Merger   0.9354 shares of Union common stock

At separate special meetings, shareholders of both Union Bankshares Corporation and Xenith Bankshares approved the merger of Xenith with and into Union.

Under the terms of the merger agreement, Xenith shareholders will receive 0.9354 shares of Union common stock for each share of Xenith common stock.

“We are pleased to have received all of the approvals needed to proceed with the acquisition and remain on track to close the transaction in early January 2018,” said John C. Asbury, President and CEO of Union.

“When we started Xenith in 2009, we had a goal to become the preeminent commercial banking institution in Virginia,” said T. Gaylon Layfield, CEO of Xenith. “I’m proud that we will achieve that goal as Union in 2018.”

All regulatory approvals have been received and the merger is expected to close during early January 2018.

Based on financial data as of September 30, 2017, the combined company would have total assets of approximately $12.3 billion, deposits of approximately $9.5 billion and loans of approximately $9.3 billion.

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