Access National and Middleburg Financial have received the go-ahead from their respective shareholders for their merger.
The combined group will have $2.8bn in total assets, $2.1bn in deposits, and $1.9bn in loans. The deal, announced in October 2016, is valued at $233.1m.
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As per the agreed terms of the transaction, Middleburg common shareholders will receive 1.3314 shares of Access common stock for each share of Middleburg common stock.
The banks have already secured the regulatory approval for the deal, which is expected to be concluded in early April 2017.
Access president and CEO Michael Clarke said: “The overwhelming support and confidence of our shareholders aligns with management’s plans to fortify and build shareholder value through the combination.
“With this merger, we will enhance our ability to deliver value-added services to the high value client base and prospects in our nation’s most attractive markets. The combined company will also benefit from the financial strength and efficiencies of scale, while preserving the independence and local ownership valued by our clients and communities.”
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