Union First Market Bankshares Receives Regulatory Approval For Acquisition Of StellarOne Corporation
RICHMOND, Va., Oct. 11, 2013 /PRNewswire/ -- Union First Market Bankshares Corporation ("Union") announced that it received regulatory approval from the Federal Reserve Bank of Richmond and from the Virginia State Corporation Commission to move forward with its acquisition of StellarOne Corporation ("StellarOne").
"We are delighted to have received all of the regulatory approvals needed to proceed with the acquisition," said G. William Beale, CEO of Union First Market Bankshares. "The integration teams are hard at work building the next great Virginia bank and we remain on track to close the acquisition in early January 2014."
ABOUT UNION FIRST MARKET BANKSHARES CORPORATIONHeadquartered in Richmond, Virginia, Union First Market Bankshares Corporation (NASDAQ: UBSH) is the holding company for Union First Market Bank, which has 90 branches and more than 150 ATMs throughout Virginia. Non-bank affiliates of the holding company include: Union Investment Services, Inc., which provides full brokerage services; Union Mortgage Group, Inc., which provides a full line of mortgage products; and Union Insurance Group, LLC, which offers various lines of insurance products. Union First Market Bank also owns a non-controlling interest in Johnson Mortgage Company, L.L.C. Additional information on the Company is available at http://investors.bankatunion.com About StellarOne StellarOne Corporation (NASDAQ: STEL) is a traditional community bank with assets of $3.01 billion offering a full range of business and consumer banking services, including trust and wealth management services. Through the activities of its sole subsidiary, StellarOne Bank, StellarOne operates more than 50 full-service financial centers, two loan production offices, and more than 60 ATMs serving the New River Valley, Roanoke Valley, Shenandoah Valley, Richmond, Tidewater, and Central and North Central Virginia. Additional Information and Where to Find It In connection with the proposed merger, Union has filed with the Securities and Exchange Commission (the "SEC") a registration statement on Form S-4 that includes a preliminary joint proxy statement/prospectus. Union and StellarOne will deliver the definitive joint proxy statement/prospectus to their respective stockholders seeking their approval of the merger and related matters. In addition, each of Union and StellarOne may file other relevant documents concerning the proposed merger with the SEC.
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