BY BILL FREEHLING

Shareholders of Bowling Green-based Union Bankshares Corp. this week approved the company's planned merger with First Market Bank.

Shareholders on Monday also signed off on the company's new name, Union First Market Bankshares Corp. The company will do business as Union First Market Bank when the deal closes.

In a prepared statement, Union Bankshares President and CEO G. William Beale said the new name "shows respect for the history of each bank yet illustrates how we are coming together to build something even greater."

After the merger, which Beale estimates will occur by early December, Union First Market Bank will have more than $4 billion in assets and 97 branches in Virginia.

As of June 30, according to the FDIC, Union Bank & Trust and First Market Bank ranked second and ninth, respectively, by customer deposits in the Fredericksburg area (the city and Caroline, King George, Stafford and Spotsylvania counties). Combined, the two would have close to $700 million in area deposits. Market leader BB&T had close to $800 million in customer deposits.

Separately, Union Bankshares late last week reported that net income in the third quarter was $2.8 million, an increase of $1.9 million from second-quarter income.

The third-quarter result was down $1.5 million from the same period a year ago, but the bank said the 2008 results were mainly higher due to the sale of a bank property during that quarter for a gain of $1.8 million.

To read the full text of Union Bankshares' third-quarter earnings and see more on the merger vote go to Fredericksburg.com/blogs/bizbrows er.

Bill Freehling: 540/374-5405
Email: bfreehling@freelancestar.com