National Banks | Virginia Beach, VA | Corporate Acquisition
Union Bankshares (NASDAQ: UBSH) has agreed to acquire Xenith Bankshares (NASDAQ: XBKS) in an all-stock transaction valued at $701.2 million based on Union’s closing share price of $31.72 on May 19. The deal will expand Union’s retail footprint into North Carolina and Maryland. The combined company will have expected total assets of $11.9 billion, total deposits of $9.2 billion and gross loans of $8.9 billion. Xenith’s shares gained more than 5% Monday.