Union First Market Bank to buy StellarOne

The Union First Market Bank headquarters in Richmond. (RBS photo)

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.

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