Branches of Essex Bank opened for business Monday morning under a new name, as the Henrico-based bank has been acquired by an out-of-town peer.
United Bank completed its deal to absorb Essex on Friday afternoon.
The deal included Essex’s $1.7 billion in assets and nearly two dozen locations, and brings the United brand to the Richmond market for the first time. United signage has already begun being installed on branches, including Essex’s 12 in the Richmond area.
With dual headquarters in Charleston, West Virginia and the Washington, D.C. area, United has around $27 billion in total assets and more than 220 branches in Virginia, West Virginia, Maryland, D.C., Ohio, Pennsylvania and the Carolinas.
First announced in June, the deal included Essex shareholders receiving 0.31 shares of United stock for each share of common stock of Essex parent company Community Bankers Trust.
Community Bankers stock closed on its last day of trading Friday at $11.30 per share. United shares closed at $37.21 on Monday.
Rex Smith, Essex’s CEO since 2011, remains on with United as a regional president overseeing what had been Essex’s territory.
Essex cut two branches in Maryland and laid off 51 employees as part of the United transaction.
The deal puts to rest the Essex Bank brand, which links back to the old-line Bank of Essex in Tappahannock.
That bank, along with Bank of Goochland, Bank of Powhatan, Bank of Louisa and Bank of Rockbridge, were all merged through various deals over the years that included the former TransCommunity Bank, before becoming part of Community Bankers Trust.