Union-Xenith deal moves ahead; Strasburg-based bank plugs in on Patterson

first bank - patterson

First Bank opened its first Richmond branch at 5601 Patterson Ave. (Michael Schwartz)

The biggest local bank deal in recent memory cleared its last big hurdle this week, while an out-of-town bank is officially open for business in Richmond.

The parent companies of Union Bank & Trust and Xenith Bank said Thursday that shareholders of both sides voted in favor of Union’s planned acquisition of Xenith, a deal that will create a $12 billion Richmond-based statewide banking behemoth.

With the successful shareholder vote and the previously announced approval from state and federal regulators, the deal now awaits the closing table. The companies said it’s on track to be finalized early next year.

Announced in May, the marriage combines Xenith’s $3 billion in assets with Union’s $9 billion.

Xenith shareholders will receive 0.93 shares of Union stock for each share of Xenith common stock, pegging the value of the deal at more than $700 million.

The combined banks will have around 150 branches across the commonwealth.

Meanwhile, by way of Strasburg, Virginia, First Bank has arrived in the West End with its first Richmond branch.

It opened earlier this month at 5601 Patterson Ave., after some renovations and splashing red paint on parts of the 3,100-square-foot building that was left vacant this year by Park Sterling Bank.

First Bank, with $735 million in assets, is led by CEO Scott Harvard, who recently lured veteran Richmond banker Andy McLean over from Reston-based Access National to lead its local operations.

The bank is going after primarily small-business and consumer customers in Richmond.

first bank - patterson

First Bank opened its first Richmond branch at 5601 Patterson Ave. (Michael Schwartz)

The biggest local bank deal in recent memory cleared its last big hurdle this week, while an out-of-town bank is officially open for business in Richmond.

The parent companies of Union Bank & Trust and Xenith Bank said Thursday that shareholders of both sides voted in favor of Union’s planned acquisition of Xenith, a deal that will create a $12 billion Richmond-based statewide banking behemoth.

With the successful shareholder vote and the previously announced approval from state and federal regulators, the deal now awaits the closing table. The companies said it’s on track to be finalized early next year.

Announced in May, the marriage combines Xenith’s $3 billion in assets with Union’s $9 billion.

Xenith shareholders will receive 0.93 shares of Union stock for each share of Xenith common stock, pegging the value of the deal at more than $700 million.

The combined banks will have around 150 branches across the commonwealth.

Meanwhile, by way of Strasburg, Virginia, First Bank has arrived in the West End with its first Richmond branch.

It opened earlier this month at 5601 Patterson Ave., after some renovations and splashing red paint on parts of the 3,100-square-foot building that was left vacant this year by Park Sterling Bank.

First Bank, with $735 million in assets, is led by CEO Scott Harvard, who recently lured veteran Richmond banker Andy McLean over from Reston-based Access National to lead its local operations.

The bank is going after primarily small-business and consumer customers in Richmond.

Your subscription has expired. Renew now by choosing a subscription below!

For more informaiton, head over to your profile.

Profile


SUBSCRIBE NOW

TERMS OF SERVICE:

ALL MEMBERSHIPS RENEW AUTOMATICALLY. YOU WILL BE CHARGED FOR A 1 YEAR MEMBERSHIP RENEWAL AT THE RATE IN EFFECT AT THAT TIME UNLESS YOU CANCEL YOUR MEMBERSHIP BY LOGGING IN OR BY CONTACTING [email protected]

ALL CHARGES FOR MONTHLY OR ANNUAL MEMBERSHIPS ARE NONREFUNDABLE.

EACH MEMBERSHIP WILL ONLY FUNCTION ON UP TO 3 MACHINES. ACCOUNTS ABUSING THAT LIMIT WILL BE DISCONTINUED.




Return to Homepage

Subscribe
Notify of
guest
1 Comment
oldest
newest most voted
Inline Feedbacks
View all comments
trackback
North Carolina bank eyes Libbie Ave. branch - Richmond BizSense
4 years ago

[…] Planting its flag on Libbie would put it in a competitive stretch of the Richmond banking market, particularly around the corner on Patterson Avenue, which added another new arrival last month when Strasburg, Virginia-based First Bank opened its first local outpost. […]