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Union First Market Completes Merger With StellarOne

|Includes: Atlantic Union Bankshares Corporation (AUB), STEL

Originally published at

Union First Market Bankshares Corporation (UBSH) has announced it has completed the merger with StellarOne Corporation (NASDAQ:STEL). The deal, which closed on New Year's Day, is an all-stock transaction valued at $445.1M, which will result in StellarOne shareholders receiving 0.9739 shares of Union First Market stock in exchange for one share of StellarOne. The combined company now becomes the largest community bank based in Virginia with total assets of $7.1B. Summing the banks' financial results from the end of September, total deposits are $5.7B while loans are $5.3B. The two banks will continue to operate independently until their systems successfully integrate in May. Union First Market CEO G. William Beale will remain as the President and CEO of the combined company.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.