Union Bankshares Corporation (UBC), a Virginia-based multi-bank holding company, and First Market Bank (FMB) have amended the terms of their agreement. As previously announced on March 30, 2009, FMB was to remain a separate subsidiary after the combination. As per the amendment, after their merger, FMB will combine with Union Bank and Trust Company, which is the largest bank owned by UBC.
UBC and FMB expect to complete the merger during the fourth quarter of 2009, subject to customary closing conditions, including regulatory and shareholder approvals. The holding company will move its headquarters to Richmond. Upon completion of the merger, the combined entity would have 97 branches throughout Virginia with more than $4 billion in assets.
William Beale, President and CEO of UBC, will remain CEO of the holding company and become CEO of the combined banks. David Fairchild, currently CEO of FMB, will become President of the holding company and Executive Vice President and Chief Banking Officer of the combined entity.
Mr. Beale said: “Union Bank & Trust and First Market Bank, once combined, will provide strong financial and operational efficiencies that we believe will benefit both our shareholders and our customers.”
Mr. Fairchild said: “First and foremost, this merger offers our customers – whether a family, an entrepreneur or large business – many value-added benefits including increased convenience with more banking locations, more competitive products and enhanced services.”
