Union First Market Bankshares
Corporation UBSH and StellarOne Corporation STEL today announced the signing of a definitive merger
agreement, pursuant to which Union will acquire StellarOne, creating the
largest community banking institution in the Commonwealth of Virginia.
Based on financials reported on March 31, 2013, the combined companies would
have total assets of $7.1 billion, deposits of $5.8 billion and loans of $5.2
billion. Union will operate in all major Virginia markets, deepening its
presence in its current footprint and expanding in key trade areas and, on a
pro forma basis, will have the fifth largest branch network in Virginia. The
company will retain the Union name and corporate headquarters will remain in
Richmond.
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