UPDATE: Union First Market Bankshares to Buy StellarOne for $0.9739 Shares for Each STEL Share, Deal Equals ~$19.50/Share
Union First Market Bankshares Corporation (NASDAQ: UBSH) and StellarOne Corporation (NASDAQ: STEL) today announced the signing of a definitive merger agreement, pursuant to which Union will acquire StellarOne, creating the largest community banking institution in the Commonwealth of Virginia.
Based on financials reported on March 31, 2013, the combined companies would have total assets of $7.1 billion, deposits of $5.8 billion and loans of $5.2 billion. Union will operate in all major Virginia markets, deepening its presence in its current footprint and expanding in key trade areas and, on a pro forma basis, will have the fifth largest branch network in Virginia. The company will retain the Union name and corporate headquarters will remain in Richmond.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.