Richmond, VA-based Union Bankshares completed its acquisition of Xenith Bankshares. The combination creates a Virginia-headquartered independent regional bank for the first time in nearly 20 years.
Under the terms of the merger agreement, Xenith shareholders received 0.9354 shares of Union common stock in exchange for each share of Xenith common stock they owned, with cash paid in lieu of fractional shares.
“Today marks the start of something remarkable for businesses and consumers in Virginia, Maryland and North Carolina – an independent regional bank headquartered in the Commonwealth,” said John C. Asbury, president and CEO of Union. “We believe that our two companies are stronger together and the combination gives Union a unique franchise to create long term shareholder value. We expect that our combined statewide footprint will bring additional convenience to our customers and position us as a strong competitor against large regional institutions and smaller community banks alike – making us the preeminent commercial bank headquartered in Virginia.”
Based on financial information reported 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. Union will separately operate the former Xenith Bank branches as Xenith Bank, a division of Union Bank & Trust of Richmond, until systems conversion in late May 2018.
