Union Bankshares, the holding company for Union Bank & Trust, has wrapped up its previously announced acquisition of Virginia-based Access National in an all-stock deal worth around $500m.
Image: Union Bankshares completed acquisition of Access National. Photo: courtesy of Corey Coyle/Wikimedia Commons.
Headquartered in Reston, Access National is the parent company of Access National Bank and Middleburg Investment Group, which serve northern and central Virginia. The acquisition is expected to consolidate Union Bankshares’ footprint in Northern Virginia.
Access National Bank is a commercial bank which serves middle market businesses and associated professionals in the Washington D.C. region. Its main services include commercial credit, deposit, investment, private banking, cash management and real estate finance.
The company’s subsidiaries provide wealth management, retirement planning and securities brokerage services.
Union Bank & Trust, on the other hand, has a total of 155 branches and nearly 200 ATMs located in Virginia and in some parts of Maryland and North Carolina.
As per the merger terms, each share of Access National were exchanged for 0.75 shares of Union Bankshares. The transaction was valued based on the $31.56 closing price of Union common stock as on 31 January, 2019.
The parties signed the merger agreement in last October in a move to create an enlarged Virginia-based regional bank with an increased footprint in the state.
As of 31 December 2018, the combined banking company held total assets of around $16.8bn, deposits of nearly $12.2bn and loans of about $11.9bn.
Union Bankshares 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.”
Following the completion of the acquisition, Union Bankshares revealed its intentions of rebranding Union Bank & Trust as Atlantic Union Bank.
Last year, Union Bankshares acquired Xenith Bankshares, the Virginia-based holding company for Xenith Bank, in an all-stock deal. The deal was valued around $701.2m as per the definitive agreement signed by the parties in May 2017.