Union Bankshares, the holding company for Union Bank & Trust, has signed an agreement to acquire Access National in an all-stock transaction valued at nearly $610m.

Access National is the parent company of Access National Bank and Middleburg Investment Group operating across northern and central Virginia in the US.

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Under the terms of the agreement, each outstanding share of Access common stock will be traded against 0.75 shares of Union common stock.

The merger, already approved by the board of directors of both the companies, is expected to complete in the first quarter of 2019, subject to regulatory and shareholder approvals.

The combination is expected to create a stronger Virginia-based regional bank. It will have total assets of nearly $16bn, deposits of $11.9bn and gross loans of $11.4bn as of 30 June 2018.

As per the agreement, Access president and CEO Michael Clarke will join Union’s board of directors.

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Union president and CEO John Asbury said: “We expect that our combined footprint will bring additional convenience to our customers and position us as an even stronger competitor against the large national banks, super regional banks and smaller community banks alike – solidifying our position as Virginia’s bank.

“The combination with Access delivers on our stated priorities for this year as well as our market expansion goals in Northern Virginia.”

Currently, Union Bank & Trust has 140 branches including seven operating centres of Xenith Bank, a division of the company.

It has around 200 ATMs located across Virginia as well as in Maryland and North Carolina.