Union Bank & Trust merges with Prosperity Bank & Trust
Date published: 3/19/2008
Prosperity Bank & Trust officially merged with Union Bank & Trust on Friday.
Union Bankshares Corp., the parent company of Union Bank, originally acquired Prosperity Bank & Trust in April 2006. Prosperity Bank had been operating independently since then.
Prosperity Bank operated two branches in Springfield and one in Burke. Those are now Union Bank & Trust branches, giving Union Bank 38 branches in Virginia.
According to a news release from Union Bankshares Corp., the acquisition was intended as an opportunity to expand in Northern Virginia and create a larger network of branches for Fredericksburg-area residents who commute north.
Mark E. Wright, Prosperity Bank's former president and chief executive officer, has been named president for the Northern Virginia region of Union Bank & Trust, according to the news release.
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