Union First Market Bankshares is officially a one-bank holding company.
It announced today that it completed the move to merge two of its oldest subsidiary banks under its newest banking brand. The company first announced in late June that it would bring Rappahannock National Bank and Northern Neck State Bank, both more than 100 years old, under the new Union First Market Bank umbrella.
The integration adds 15 branches to the Union brand, bringing the total to 92 across Virginia. It also brings more than $500 million in assets and two profitable rural operations into Union First Market Bank.
Northern Neck was founded in 1909 and became part of Union Bankshares, one of the predecessors to the current company, in 1993. It had $339.5 million in total assets as of June 30. It turned a profit of $1.6 million through the first half of the year.
Rappahannock, founded in 1902, became a Union Bankshares subsidiary in 1996. It had $190.7 million in assets and profit of $791,000 through June 30.
Union said in its release that two board members from each bank will join the Union board. The former presidents of each will now be regional presidents of Union First Market Bank.
Union First Market Bankshares is officially a one-bank holding company.
It announced today that it completed the move to merge two of its oldest subsidiary banks under its newest banking brand. The company first announced in late June that it would bring Rappahannock National Bank and Northern Neck State Bank, both more than 100 years old, under the new Union First Market Bank umbrella.
The integration adds 15 branches to the Union brand, bringing the total to 92 across Virginia. It also brings more than $500 million in assets and two profitable rural operations into Union First Market Bank.
Northern Neck was founded in 1909 and became part of Union Bankshares, one of the predecessors to the current company, in 1993. It had $339.5 million in total assets as of June 30. It turned a profit of $1.6 million through the first half of the year.
Rappahannock, founded in 1902, became a Union Bankshares subsidiary in 1996. It had $190.7 million in assets and profit of $791,000 through June 30.
Union said in its release that two board members from each bank will join the Union board. The former presidents of each will now be regional presidents of Union First Market Bank.