Union Bank & Trust to acquire Xenith Bank

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RICHMOND, Va. — Two of Richmond’s biggest locally-based banks are getting hitched.

Union Bank & Trust announced this morning a deal to acquire Xenith Bank in an all-stock deal valued at $701 million.

The combination would create the largest community bank in the state with $11.9 billion in total assets. Union and Xenith most recently reported total assets of $8.66 billion and Xenith’s $3.19 billion respectively.

“The combination with Xenith delivers on our stated priorities for this year as well as our acquisition goals enabling Union to efficiently cross the $10 billion asset threshold,” Union CEO John Asbury said in a prepared statement released today.

Union will gain its first significant branch presence in the Hampton Roads market, taking over a swath of locations Xenith took over through its merger last year with Bank of Hampton Roads, as well as Xenith’s operations in Northern Virginia, North Carolina and the Eastern Shore.

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