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Union First Market Bank to buy StellarOne

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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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