October 5, 2018
Union Bankshares buying Middleburg Bank’s parent
File Photo/Lawrence Emerson
Based in Caroline County, Union has this branch on Broadview Avenue and another on Warrenton’s Main Street. Reston-based Access owns the Middleburg Bank offices in Warrenton and Marshall.
Two regional banks with significant market shares in Fauquier will merge.
Access brings extensive commercial and industrial lending expertise as well as strong wealth management and trust businesses in addition to their attractive Middleburg Bank retail operation. Increasing our presence in Northern Virginia is a priority.
— Union Bankshares CEO John C. Asbury
Union Bankshares Corp. will aquire Access National Corp. in an all-stock transaction, the companies announced Friday morning.
Union has two branches in Warrenton. Reston-based Access, which bought Middleburg Bank early last year, has an office in Warrenton and one in Marshall.
The combined company would have total assets of $16 billion, total deposits of $11.9 billion and gross loans of $11.4 billion.
The transaction will strengthen Caroline County-based Union’s presence in Northern Virginia, company leaders said.
“We are excited about the opportunity to bring our companies together to enhance both our products and customer service capabilities,” Union Chairman Raymond D. Smoot Jr. said. “We believe that our two companies are stronger together, and the combination gives Union a uniquely valuable franchise to create long term shareholder value.”
Union CEO John C. Asbury added: “Access brings extensive commercial and industrial lending expertise as well as strong wealth management and trust businesses in addition to their attractive Middleburg Bank retail operation. Increasing our presence in Northern Virginia is a priority . . . .”
Under the terms of the merger agreement, each outstanding share of Access common stock will be converted into the right to receive 0.75 shares of Union common stock. That values the transaction at approximately $610 million, or $29.19 per share, based on Union’s closing stock price of $38.92 on Thursday.
Both companies’ stock trades on Nasdaq.
The boards of each company have approved the deal, expected to close in the first quarter of 2019, pending regulatory and shareholder approvals.
Union Bank & Trust has 140 branches and approximately 200 ATMs throughout Virginia and in portions of Maryland and North Carolina.
Union branches in Fauquier held total deposits of $186.3 million as of June 30, according to the Federal Deposit Insurance Corp. Middleburg’s branches in Fauquier had $101.2 million.
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