Union Bankshares and Access National merger approved by shareholders

|By:, SA News Editor

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

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