The Union First Market Bank headquarters in Richmond.
Some big names departed last week from the board of Richmond’s biggest bank.
Steven Markel on Wednesday announced his resignation from the board of Union First Market Bankshares, the holding company for Union First Market Bank. Three other directors, including Jim Ukrop, officially retired from service to the Union board.
Steven Markel
Ukrop, the former head of the supermarket chain that bore his family name, retired from the Union board April 23 after he reached the company’s mandatory director retirement age of 70.
Douglas Caton, one of the bank’s largest shareholders, and Hullihen Moore also retired from the board last week for the same reason.
Both Ukrop and Markel had served on Union’s board since February 2010, when the company merged with the former First Market Bank.
Markel took its stake in Union as a result of the merger in 2010 of two predecessor institutions, Union Bank & Trust and First Market Bank. The insurer had been a major shareholder in First Market, which was co-founded in 1997 by the Ukrop’s Supermarkets and the former National Commerce Bank Corp. in Tennessee.
Jim Ukrop directly and indirectly holds more than 871,000 Union shares, or 3.45 percent of the company’s stock.
Union said in a Securities and Exchange Commission filing this week that Markel resigned for “personal reasons and his resignation does not relate to any disagreement on matters relating to the company’s operations, policies or practices.”
Union spokesman Bill Cimino declined to comment further.
Markel, 64, declined to comment beyond the bank’s filing. He owns 16,000 shares of Union stock, according to the bank’s recent proxy statement.
Markel Corp., which at one point owned more than 13 percent of Union’s stock, has sold more than $21 million worth of its shares back to the bank since December.
That cash might come in handy as Markel Corp. finalizes a $3.13 billion acquisition of Bermuda reinsurance firm Alterra Capital Holdings. The company said in a filing last week that the deal was to close May 1.
The insurer still owns more than 2.49 million shares of Union stock, or about 9.8 percent of its outstanding shares.
Caton, who is chief executive of Charlottesville-based real estate firm Management Services Corp., directly or indirectly owns more than 423,000 Union shares. He had been on the board since 2004.
Moore, who retired after a long legal career at Christian and Barton in Richmond, owns 38,000 shares of Union stock.
The Union First Market Bank headquarters in Richmond.
Some big names departed last week from the board of Richmond’s biggest bank.
Steven Markel on Wednesday announced his resignation from the board of Union First Market Bankshares, the holding company for Union First Market Bank. Three other directors, including Jim Ukrop, officially retired from service to the Union board.
Steven Markel
Ukrop, the former head of the supermarket chain that bore his family name, retired from the Union board April 23 after he reached the company’s mandatory director retirement age of 70.
Douglas Caton, one of the bank’s largest shareholders, and Hullihen Moore also retired from the board last week for the same reason.
Both Ukrop and Markel had served on Union’s board since February 2010, when the company merged with the former First Market Bank.
Markel took its stake in Union as a result of the merger in 2010 of two predecessor institutions, Union Bank & Trust and First Market Bank. The insurer had been a major shareholder in First Market, which was co-founded in 1997 by the Ukrop’s Supermarkets and the former National Commerce Bank Corp. in Tennessee.
Jim Ukrop directly and indirectly holds more than 871,000 Union shares, or 3.45 percent of the company’s stock.
Union said in a Securities and Exchange Commission filing this week that Markel resigned for “personal reasons and his resignation does not relate to any disagreement on matters relating to the company’s operations, policies or practices.”
Union spokesman Bill Cimino declined to comment further.
Markel, 64, declined to comment beyond the bank’s filing. He owns 16,000 shares of Union stock, according to the bank’s recent proxy statement.
Markel Corp., which at one point owned more than 13 percent of Union’s stock, has sold more than $21 million worth of its shares back to the bank since December.
That cash might come in handy as Markel Corp. finalizes a $3.13 billion acquisition of Bermuda reinsurance firm Alterra Capital Holdings. The company said in a filing last week that the deal was to close May 1.
The insurer still owns more than 2.49 million shares of Union stock, or about 9.8 percent of its outstanding shares.
Caton, who is chief executive of Charlottesville-based real estate firm Management Services Corp., directly or indirectly owns more than 423,000 Union shares. He had been on the board since 2004.
Moore, who retired after a long legal career at Christian and Barton in Richmond, owns 38,000 shares of Union stock.