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Union First Market Bank will debut tomorrow morning.
Union Bank & Trust and First Market Bank officially merged this weekend, said William Beale, CEO of Union First Market Bankshares Corp., which is the parent company of what had been two separate banks. Both banks' branches will officially open as Union First Market Bank tomorrow.
Union First Market Bankshares closed its roughly $105 million deal to purchase First Market Bank on Feb. 1, but for the past month and a half First Market Bank and Union Bank & Trust have operated as two distinct brands.
Beale said the new Union First Market Bank signs are either up already or will be soon at all the branches.
Customers who have been with either First Market Bank or Union Bank & Trust don't need to do anything and can use any Union First Market Bank branch, Beale said.
Two area branches are now closed as part of the merger. One is the First Market Bank branch inside the now-closed Ukrop's store in Spotsylvania County, and the other is the Union Bank & Trust at 700 Kenmore Ave. in Fredericksburg. In both cases there will be a Union First Market Bank branch within walking distance.
Union First Market Bankshares owns the building at 700 Kenmore, Beale said. The bank at some point will try to either sell or lease the building.
The new Union First Market Bank is now closer to Fredericksburg-area market leader BB&T Corp. in terms of customer deposits.
As of June 30, according to the FDIC, Union Bank & Trust and First Market Bank had a combined $691 million in area deposits (the city and Caroline, King George, Stafford and Spotsylvania counties). BB&T Corp. had about $793 million.
Bill Freehling: 540/374-5405
Email: bfreehling@freelancestar.com
