Breaking News: Union Bank strikes $610M deal for greater push into NoVA

1

union hq ftd

Union’s downtown James Center headquarters.

Richmond’s Union Bank & Trust has hit the accelerator once again with yet another acquisition, this time making a play for its first significant piece of the Northern Virginia market.

The $13 billion downtown-based bank announced a deal this morning to acquire Access National Bancorp out of Reston in an all stock transaction valued at $610 million. The deal would bring Access National Bank and Middleburg Investment Group into the Union fold and give the combined companies $16 billion in total assets.

Access shareholders’ common stock will be converted into the right to receive 0.75 shares of Union common stock, or $29.19 per share of Access shares. The company’s stock closed at $26.83 on Thursday. Union’s share price closed Thursday at $38.92.

Stay tuned to BizSense for more on the deal.

union hq ftd

Union’s downtown James Center headquarters.

Richmond’s Union Bank & Trust has hit the accelerator once again with yet another acquisition, this time making a play for its first significant piece of the Northern Virginia market.

The $13 billion downtown-based bank announced a deal this morning to acquire Access National Bancorp out of Reston in an all stock transaction valued at $610 million. The deal would bring Access National Bank and Middleburg Investment Group into the Union fold and give the combined companies $16 billion in total assets.

Access shareholders’ common stock will be converted into the right to receive 0.75 shares of Union common stock, or $29.19 per share of Access shares. The company’s stock closed at $26.83 on Thursday. Union’s share price closed Thursday at $38.92.

Stay tuned to BizSense for more on the deal.

This story is for our paid subscribers only. Please become one of the thousands of BizSense Pro readers today!

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

For more informaiton, head over to your profile.

Profile

SUBSCRIBE NOW

$35 / Month

 — 

$125 / Year

 — 

Corporate Packages

 — 

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.

FOR ASSISTANCE WITH YOUR MEMBERSHIP PLEASE EMAIL [email protected]


Return to Homepage

POSTED IN Banking
Avatar photo
About the Author:

Michael Schwartz is the editor of Richmond BizSense, and covers banking, lawsuits, finance, M&A and golf. He can be reached at [email protected] or 804-855-1037.

Editor's Picks

Subscribe
Notify of
guest

1 Comment
oldest
newest most voted
Inline Feedbacks
View all comments
Michael Dodson
Michael Dodson
6 years ago

Access is Middleburg Bank. This is interesting considering when Access closed on Middleburg Bank they lost almost 1/2 of their branch employees in the old MB locations and 20% of their account holders. This past spring Access was desperately trying to stop the bleeding from its merger and the negative press. This does give Union a huge presence in NOVA if they can stop the bleeding.

3
Reply