At separate special meetings Wednesday, shareholders of Access National Corporation and Middleburg Financial Corporation approved the merger to create a $2.8 billion-asset bank that will rank fifth in deposit market-share among Virginia-based banks under $10 billion in assets.
Plans for the merger were announced in October and state regulators signed off on the deal last month.
“The overwhelming support and confidence of our shareholders aligns with management’s plans to fortify and build shareholder value through the combination,” said Michael W. Clarke, President and Chief Executive Officer of Access, in a statement announcing the shareholder action. “With this merger, we will enhance our ability to deliver value added services to the high value client base and prospects in our nation’s most attractive markets. The combined company will also benefit from the financial strength and efficiencies of scale while preserving the independence and local ownership valued by our clients and communities.”
“As we integrate the companies, we look forward to expanding on Middleburg’s 92-year reputation of service and capabilities geared towards our highly valued clients in a way that embraces and builds on our partner’s reputation as high performance banking company,” Middleburg Chairman John C. Lee IV stated.
The parties expect the mergers to close in early April.
Based on financial information reported as of Dec. 31, 2016, the combined companies would have total assets of $2.8 billion, deposits of $2.1 billion and loans of $1.9 billion.
Under the terms of the merger agreement, common shareholders of Middleburg will receive 1.3314 shares of Access common stock for each share of Middleburg common stock.