RICHMOND, Va., Dec. 5, 2013 /PRNewswire/ -- At separate special meetings today, shareholders of both Union First Market Bankshares Corporation ("Union") and StellarOne Corporation ("StellarOne") approved the merger agreement pursuant to which Union will acquire StellarOne, to create the largest community banking institution headquartered in the Commonwealth of Virginia.
"We are pleased with the overwhelming support and confidence of our shareholders as we work to establish the next great Virginia bank," said G. William Beale, president and chief executive officer of Union. "I want to thank the teammates who are working on the transition teams in addition to their everyday jobs. Their hard work and dedication is keeping the process on track as they focus on ensuring a smooth integration in 2014. I also want to thank Ed Barham for his leadership as well as the rest of the StellarOne team for staying focused on the serving the customer during this time."
"In June, I noted that the compatible culture of our two organizations made this partnership a natural fit and the work done over the past 6 months has proven that correct," said O. R. Barham, Jr., president and chief executive officer of StellarOne. "I want to thank the StellarOne associates for remaining focused on serving the customer as the integration work got underway. Working together, we will build the next great Virginia bank and better serve current and future customers in markets across the Commonwealth."
All regulatory approvals have been received and the acquisition is expected to close on January 1, 2014. Based on financials reported on September 30, 2013, the combined companies would have total assets of $7.1 billion, deposits of $5.7 billion and loans of $5.3 billion. Under the terms of the merger agreement, common shareholders of StellarOne will receive 0.9739 shares of Union common stock for each share of StellarOne common stock.Union shareholders also approved the proposal to increase the number of authorized shares of Union common stock from 36,000,000 to 100,000,000.