- Union Bankshares (UBSH +0.5%) and Access National (ANCX +0.5%) announced that shareholders of both the banks have approved the merger of Access with and into Union.
- Under the terms of the merger agreement, Access shareholders will receive 0.75 shares of Union common stock for each share of Access common stock.
- Based on financial data as of September 30, 2018, the combined company would have total assets of ~$16.4B, deposits of ~$12.1B and loans of ~$11.5B.
- The transaction is expected to close by February 1, 2019.
- Press Release