June 10, 2013
The Virgina-based Union First Market Bank announced Monday morning that it will merge with StellarOne Corporation, also a Virginia-based bank.
The combining of these companies is expected to create the largest community banking institution in Virginia, with assets totaling more than $7 billion dollars.
The merger will not be complete until January of next year, and that is when customers are expected to see a change.
But overall the StellarOne C.E.O. sees this as the creation of the greatest Virginia-based bank in several years.
"A bank that size has never been seen in Virginia in almost two decades that's a Virginia based bank," say StellarOne C.E.O. Ed Barham. "It will be the 5th largest bank in Virginia, only the larger headquarter banks will be in front of it., so it is something I think Virginians should be excited about."
The combined company will use Union First's logo and name and their headquarters will remain in Richmond, Va.