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February 1, 2019

Union completes purchase of Middleburg Bank parent

The new Union Atlantic Bank branding will replace the Middleburg Bank’s fox logo on seven branches — including one in Warrenton and one in Marshall — in May.
We adjusted some products and services, and we adjusted some hours that were not well received by some elements of the consumer public. The good news for those folks is a lot of those services and products and hours will be moved back in that direction.
— Michael W. Clarke, Access Bank founder
By Leland Schwartz
For FauquierNow

The Middleburg Bank name and red oval fox logo will disappear from retail branches in 3-1/2 months after the Jan. 31 closing of its parent company’s sale to Richmond-based Union Bankshares Corp.

Access National Corp., which acquired Middleburg Bank two years ago, stockholders received 0.75 shares of Union common stock in exchange for each share of Access common stock they owned.

The parties based the exchange rate on the Jan. 31 closing price of Union stock: $31.56. That values the deal at approximately $500 million.

Union also will rebrand itself as “Atlantic Union Bank.”

That name on May 17 will replace Union Bank & Trust.

In Warrenton, the merger will lead to minor branch consolidation and will rank the combined bank third in Fauquier County market share, based on deposits of approximately $287 million.

Union’s walk-in teller line at 37 Main St. will merge with the customer-facing operations at Middleburg’s 530 Blackwell Road branch in Warrenton, according to Access CEO Mike Clarke.

But, Union’s commercial, small business and mortgage bankers will remain in the Main Street property it leases, explained Mr. Clarke, who started Reston-based Access in 1999.

The combined bank will continue to operate Middleburg’s branch at 8331 W. Main St. in Marshall and Union’s at 216 Broadview Ave. in Warrenton. 

Middleburg’s iconic white fox will remain the logo for the new bank’s wealth management group, which will operate as Middleburg Financial, according to Mr. Clarke. The fox’s red oval background may be turned blue, he said.

Access — with roots as a commercial bank — struggled with its Middleburg acquisition and lost a large part of the community bank’s customer base. Middleburg CEO Gary Shook left last year to work for a community bank headquartered in Luray.

“We definitely had increased account closures in the consumer segment of the bank’s consumer portfolio after after Access purchased Middleburg Bank,” Mr. Clarke acknowledged. “And we adjusted some products and services, and we adjusted some hours that were not well received by some elements of the consumer public.

“The good news for those folks is a lot of those services and products and hours will be moved back in that direction.”

The merger gives Union a much stronger position in Northern Virginia.

“Access was the last piece of the jigsaw puzzle for Union to complete its Virginia footprint and further solidifies our position as the first statewide independent regional bank headquartered in the commonwealth in nearly 20 years,” President/CEO John C. Asbury, said. “Our combined lending power and footprint will bring additional convenience to our customers and better position ourselves as a stronger competitor against the large national banks, super regional banks and smaller community banks alike.”

The combined company has total assets of approximately $16.8 billion, based on Dec. 31 reporting.

Deposits total approximately $12.2 billion and loans, approximately $11.9 billion.

Before the Access acquisition, Union had 155 branches in three states. Access and Middleburg each had seven Virginia branches.

“We want a unifying brand that makes it easy for our customers to recognize us no matter where they live, work and play throughout the Mid-Atlantic region – from Virginia to North Carolina and Maryland,” Mr. Asbury said of the rebranding. “The ‘Union’ name has been a focal point of the institution’s history for nearly 100 years and it was important to retain this link to our past. ‘Union’ is key because it represents the unification of multiple community banks that have come together over time to deliver better banking to our customers. ”

Additionally, the new name references our geographic expansion throughout the Mid-Atlantic region from Maryland to North Carolina. Atlantic Union Bank is the perfect marriage between who we are today and where we came from.”

Appointed to the Union board of directors, Mr. Clarke, 57, will serve as a consultant to the company a year, focusing on “successful merger integration and . . . business development,” the company said in a press release.

The Middleburg Bank started in 1924.

Contact Leland Schwartz at .(JavaScript must be enabled to view this email address) or 202-236-0919.

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FCinch345 · February 7, 2019 at 10:30 pm
Bonnie, Fauquier Bank, 115 years+, hanging tough. I love them.
Bonnie C. · February 4, 2019 at 12:20 pm
Ugh. I am SO sick & tired of this. Once again I'm going to have to destroy checks, change bank names on various online vendor accounts, etc., etc.

I've been with this particular banking system for decades now. Started with Southern Financial, which became Rappahannock, which became Provident, which became Union, I believe. I may have even missed one or two inbetween as well.

What a pain in the neck & waste of paper & resources.
Truepat · February 1, 2019 at 10:54 am
The era of great local banks and bankers is coming to a close, perhaps more empty bank buildings are in the future....SMH
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