Union Bankshares, the holding company for Union Bank & Trust, has completed the previously announced acquisition of Access National for nearly $500m, bolstering its presence in the US state of Virginia.
The combined bank will have assets of nearly $16.8bn, total deposits of $12.2bn and loans of around $11.9bn.
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Access National acquisition: Details
Under the terms of the agreement, Access shareholders received 0.75 shares of Union common stock against each share of Access common stock.
When first announced in October last year, the deal value was estimated to be $610m. However, the final value dropped to $500m due to fall in share prices of Union common stock.
Union president and CEO John Asbury said: “Access was the last piece of the jigsaw puzzle for Union to complete its Virginia footprint and further solidifies our position as the first statewide independent regional bank headquartered in the Commonwealth in nearly 20 years.
“Our combined lending power and footprint will bring additional convenience to our customers and better position ourselves as a stronger competitor against the large national banks, super regional banks and smaller community banks alike.”
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By GlobalDataThe Access National acquisition follows the purchase of Xenith Bank. In a step to simplify the brand portfolio and ensure easy recognition, Union Bank & Trust will unify all operations under the Atlantic Union Bank brand from May this year.
However, the rebranding is subject to necessary approvals.
Asbury added: “We want a unifying brand that makes it easy for our customers to recognize us no matter where they live, work and play throughout the Mid-Atlantic region – from Virginia to North Carolina and Maryland.”
