Union First Market Bankshares Announces Consent to Repay U.S. Treasury
Union First Market Bankshares Corporation (NASDAQ: UBSH) announced it has received approval from the United States Department of the Treasury to redeem the Preferred Stock issued to the Treasury under the Capital Purchase Program, which was created in the fall of 2008 under the Troubled Asset Relief Program. The Preferred Stock was assumed by the Company as part of the 2010 merger with First Market Bank, FSB.
"Union First Market Bank is one of the strongest banks in Virginia," said G. William Beale, president and CEO of Union First Market Bankshares. "We are pleased that our regulators approved the Company's redemption of the CPP investment, which was assumed during the merger with First Market Bank. The Company will continue to look for opportunities to improve shareholder returns either through continued organic growth or through further acquisitions."
The Company expects to pay the U. S. Treasury approximately $35.6 million on or about December 7, 2011.
