Union Bankshares Corporation has completed its $500 million acquisition of Access National Corporation, giving the Richmond-based company a strong foothold in the Northern Virginia market. As part of the merger, the organization is rebranding to Atlantic Union Bank.
The transaction comes just two years after Access National Bank acquired Loudoun-based Middleburg Bank. While the century-old Middleburg Bank brand survived the initial merger, the new owners intend only to retain that brand for its wealth management division.
“Access was the last piece of the jigsaw puzzle for Union to complete its Virginia footprint and further solidifies our position as the first statewide independent regional bank headquartered in the Commonwealth in nearly 20 years,” stated Union President and CEO John C. Asbury. “Our combined lending power and footprint will bring additional convenience to our customers and better position ourselves as a stronger competitor against the large national banks, super regional banks and smaller community banks alike.”
Based on financial information reported as of Dec. 31, 2018, the combined company would have total assets of approximately $16.8 billion, deposits of approximately $12.2 billion and loans of approximately $11.9 billion. Union will operate the former Access National Bank branches as Access National Bank, a division of Union Bank & Trust of Richmond, Virginia or Middleburg Bank, a division of Union Bank & Trust of Richmond, Virginia, until systems are converted to Atlantic Union Bank in May.
Prior to the acquisition, Union had 155 branches in three states, Access and Middleburg had branches each.