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.