Shareholders of Richmond-based Union Bankshares Corp. and of Reston-based Access National Corp. approved an approximate $500 million all-stock deal for Union to acquire Access.
The approval came during separate special shareholders meetings for both companies held on Tuesday.
The deal, which strengthens Union Bankshares’ presence in Northern Virginia, received regulatory approvals late last week from the Federal Reserve Bank of Richmond and from the Virginia State Corporation Commission.
The transaction is expected to close by Feb. 1. It was announced in early October.
The combined company would have total assets of about $16.4 billion, deposits of approximately $12.1 billion and loans of about $11.5 billion, Union Bankshares said based on financial data as of Sept. 30.
Union Bankshares is the holding company for Union Bank & Trust, which has 140 branches, seven of which are operated as Xenith Bank, a division of Union Bank & Trust of Richmond. The deal comes slightly more than a year after Union Bankshares completed an all-stock, $701 million acquisition of Xenith, creating the largest regional financial institution based in Virginia.
Access National is the parent company of Access National Bank and Middleburg Investment Group, which serves Northern and central Virginia. Access National Bank, a commercial bank serving middle-market businesses and associated professionals, has seven branches. Middleburg Bank has eight branches.
Under terms of the merger agreement, Access shareholders will receive 0.75 shares of Union stock for each share of Access stock.
The current value of the deal is about $500 million based on Union Bankshares stock trading at around $31.75 at mid-day on Tuesday. Shares were trading at $38.92 when the deal was announced in early October.
“We are pleased to have received all of the regulatory and shareholder approvals needed to proceed with the acquisition and remain on track to close the transaction on February 1, 2019,” said John C. Asbury, president and CEO of Union Bankshares. “The acquisition of Access brings extensive commercial and industrial lending expertise as well as strong wealth management and trust businesses and attractive retail operations while expanding our presence in Northern Virginia."