RICHMOND, Va., Jan. 6, 2014 /PRNewswire/ -- Union First Market Bankshares Corporation ("Union") today announced that it has made an investment in The Payments Company ("TPC"), a privately held Richmond-based company that enables businesses to pay vendors electronically using its proprietary cloud based software and vendor network.
"Union is pleased to make an investment in this rapidly growing Virginia payments processing company," said G. William Beale, president and chief executive officer of Union First Market Bankshares. "The Payments Company has been successful in developing effective business to business ("B2B") payment solutions for small and mid-sized companies and Union is excited to team up with TPC to help it expand its capabilities in the large, but fragmented B2B payments marketplace."
"Union's investment will enable us to expand our national footprint," said Steve Winston, founder and chief executive officer of The Payments Company. "We now have clients in seven states and look forward to introducing our AP advantage™ solution to additional businesses across the U.S."In addition to the equity investment in the company, Union will hold one seat on The Payment Company's board of directors. 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 and StellarOne Bank, which has 55 branches and more than 60 ATMs throughout Virginia as well as trust and wealth management services. 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 THE PAYMENTS COMPANYHeadquartered in Richmond, Virginia, The Payments Company (TPC) facilitates electronic payments between businesses and their vendors and employees. Backed by its proprietary software and AP advantage ePay Network™, TPC provides a comprehensive disbursement solution that includes software integration, vendor enrollment, payment processing, and reconcilement. Businesses can quickly transition to more efficient electronic payment methods while earning cash rebates. For more information on AP advantage™ and the benefits of implementing e-Payments for vendor invoices, visit the website at www.thepaymentscompany.com. SOURCE Union First Market Bankshares Corporation