This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Union First Market Bankshares Purchases Branch From NewBridge Bancorp

Union First Market Bankshares Corporation and NewBridge Bancorp today announced that their respective subsidiary banks have entered into a purchase agreement for the NewBridge Bank branch located at 440 South Main Street in Harrisonburg, Virginia.

Union First Market Bankshares is the holding company for Union First Market Bank and NewBridge Bancorp is the holding company for NewBridge Bank.

Union First Market Bank will acquire deposits of approximately $59.3 million and loans of $73.5 million at book value from NewBridge Bank. Union First Market Bank will also retain the commercial loan operation team from the branch and will offer employment to all employees of the branch. Union First Market Bank will also purchase a real estate parcel owned by NewBridge Bank in Waynesboro.

“Union First Market Bank is uniquely positioned to grow within Virginia,” said G. William Beale, chief executive officer of Union First Market Bankshares. “Our bank is well-capitalized and is generating solid returns for our shareholders. This branch acquisition, along with the recent opening of a loan production office in Staunton, fits our secondary growth strategy of expanding our operations along the I-81 corridor. When the acquisition is complete, Union will operate 91 branches throughout Virginia - more branches than any other Virginia-based community banking organization.”

“The majority of NewBridge Bank’s offices are in the Piedmont Triad region of North Carolina,” said Pressley A. Ridgill, President and Chief Executive Officer of NewBridge Bank. “We are thrilled that our loyal Harrisonburg clients will now be able enjoy a great financial relationship with a Virginia-based community bank with additional offices in the Shenandoah Valley and throughout the state.”

The purchase is subject to customary closing conditions, including regulatory approvals, and is expected to be completed by early 2011.

About Union First Market Bankshares Corporation

Union First Market Bankshares Corporation (NASDAQ: UBSH) is one of the largest community banking organizations based in Virginia and provides full service banking to the Northern, Central, Rappahannock, Tidewater, and Northern Neck regions of Virginia through its bank subsidiary, Union First Market Bank. Union First Market Bank operates 90 locations in the counties of Albemarle, Caroline, Chesterfield, Essex, Fairfax, Fauquier, Fluvanna, Hanover, Henrico, James City, King George, King William, Lancaster, Loudoun, Nelson, Northumberland, Richmond, Spotsylvania, Stafford, Warren, Washington, Westmoreland, York, and the independent cities of Charlottesville, Colonial Heights, Fredericksburg, Newport News, Richmond, Roanoke, and Williamsburg. Union Investment Services, Inc. provides full brokerage services; Union Mortgage Group, Inc. provides a full line of mortgage products; and Union Insurance Group, LLC offers various lines of insurance products. Union First Market Bank also owns a non-controlling interest in Johnson Mortgage Company, LLC.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,712.66 +34.43 0.19%
S&P 500 2,061.02 +4.87 0.24%
NASDAQ 4,891.2190 +27.8570 0.57%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs