Union First Market Bank to buy StellarOne
The Union First Market Bank headquarters in Richmond. (RBS photo)
By Michael Schwartz
RICHMOND, Va. (RichmondBizSense.com) – Richmond’s biggest bank is about to get a lot bigger.
Union First Market Bank on Monday announced a deal to acquire Christiansburg-based StellarOne Bank and its parent company in a deal valued at about $445 million. The combination would create an institution with more than $7 billion in assets and bring together a pair of competitors that are two of the largest community banks in Virginia.
The combined company will retain the Union name and keep its corporate headquarters in downtown Richmond.