At separate special meetings today, shareholders of both Union
Bankshares Corporation (“Union”) and Access National Corporation
(“Access”) approved the previously announced merger of Access with
and into Union. Under the terms of the merger agreement,
Access shareholders will receive 0.75 shares of Union common stock
for each share of Access common stock.
“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. “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. This makes us uniquely valuable to our
teammates, customers, shareholders and the communities we
serve.”
“Our shareholders made a strong statement today regarding their
investment in Union to create Virginia’s regional bank. Our
relationship managers and their clients are excited about the
benefits of scale and the continuing commitment to make banking
easy,” said Michael W. Clarke, CEO of Access.
All regulatory approvals have been received and the merger is
expected to close on February 1, 2019. Based on financial
data as of September 30, 2018, the combined company would have
total assets of approximately $16.4 billion, deposits of
approximately $12.1 billion and loans of approximately $11.5
billion.
About Union Bankshares CorporationHeadquartered
in Richmond, Virginia, Union Bankshares Corporation (Nasdaq: UBSH)
is the holding company for Union Bank & Trust. Union Bank &
Trust has 140 branches, 7 of which are operated as Xenith Bank, a
division of Union Bank & Trust of Richmond, Virginia, and
approximately 190 ATMs located throughout Virginia and in portions
of Maryland and North Carolina. Non-bank affiliates of the holding
company include: Old Dominion Capital Management, Inc. as well as
its subsidiary Outfitter Advisors, Ltd., and Dixon, Hubard,
Feinour, & Brown, Inc., all of which provide investment
advisory services, and Union Insurance Group, LLC, which offers
various lines of insurance products.
About Access National CorporationHeadquartered
in Reston, Virginia, Access National Corporation (Nasdaq: ANCX) is
the parent company of Access National Bank and Middleburg
Investment Group serving Northern and Central Virginia. Access
National Bank is a commercial bank serving middle market businesses
and associated professionals throughout the Washington D.C. region.
Access National Bank’s core services include commercial credit,
deposit, investment, cash management, private banking and real
estate finance. Access National Bank also has subsidiaries that
provide wealth management, retirement planning and securities
brokerage.
Forward-Looking StatementsCertain statements in
this press release may constitute “forward-looking statements”
within the meaning of the Private Securities Litigation Reform Act
of 1995. Forward-looking statements include, without limitation,
projections, predictions, expectations, or beliefs about future
events or results and are not statements of historical fact. Such
statements also include statements as to the anticipated impact of
the Union acquisition of Access, including future financial and
operating results, ability to successfully integrate the combined
businesses, the amount of cost savings, overall operational
efficiencies and enhanced revenues as well as other statements
regarding the acquisition. Such forward-looking statements are
based on various assumptions as of the time they are made, and are
inherently subject to known and unknown risks, uncertainties and
other factors that may cause actual results, performance or
achievements to be materially different from any future results,
performance or achievements expressed or implied by such
forward-looking statements. Forward-looking statements are often
accompanied by words that convey projected future events or
outcomes such as “expect,” “believe,” “estimate,” “plan,”
“project,” “anticipate,” “intend,” “will,” “may,” “view,”
“opportunity,” “potential,” or words of similar meaning or other
statements concerning opinions or judgment of Union or Access or
their management about future events. Although each of Union and
Access believes that its expectations with respect to
forward-looking statements are based upon reasonable assumptions
within the bounds of its existing knowledge of its business and
operations, there can be no assurance that actual results,
performance, or achievements of Union or Access will not differ
materially from any projected future results, performance or
achievements expressed or implied by such forward-looking
statements. Actual future results, performance or achievements may
differ materially from historical results or those anticipated
depending on a variety of factors, including but not limited
to, the businesses of Union and Access may not be integrated
successfully or such integration may be more difficult,
time-consuming or costly than expected, expected revenue
synergies and cost savings from the proposed acquisition may not be
fully realized or realized within the expected time
frame, revenues following the proposed acquisition may be
lower than expected, customer and employee relationships and
business operations may be disrupted by the proposed acquisition,
the diversion of management time on acquisition-related issues,
changes in Union’s share price before closing, risks relating to
the potential dilutive effect of shares of Union common stock to be
issued in the proposed transaction, the ability to obtain approvals
or other conditions to closing on a timely basis or at all, the
ability to close the proposed acquisition on the expected
timeframe, or at all, and that closing may be more difficult,
time-consuming or costly than expected, the reaction to the
proposed acquisition of the companies’ customers, employees and
counterparties, and other risk factors, many of which are beyond
the control of Union and Access. We refer you to the “Risk Factors”
and “Management’s Discussion and Analysis of Financial Condition
and Results of Operations” sections of Union’s Annual Report on
Form 10-K for the year ended December 31, 2017, and Access’s Annual
Report on Form 10-K for the year ended December 31, 2017 and
comparable “risk factors” sections of Union’s and Access’s
Quarterly Reports on Form 10-Q and other filings, which have been
filed with the SEC and are available on the SEC’s website at
www.sec.gov. All of the forward-looking statements made in this
press release are expressly qualified by the cautionary statements
contained or referred to herein. The actual results or developments
anticipated may not be realized or, even if substantially realized,
they may not have the expected consequences to or effects on Union,
Access or their respective businesses or operations. Readers are
cautioned not to rely too heavily on the forward-looking statements
contained in this press release. Forward-looking statements speak
only as of the date they are made and neither Union nor Access
undertakes any obligation to update, revise or clarify these
forward-looking statements, whether as a result of new information,
future events or otherwise.
Contact: Bill Cimino (804) 448-0937, VP and
Director of Investor Relations of Union Michael W. Clarke (703)
871-2100, CEO of Access
Grafico Azioni Access National Corp. (NASDAQ:ANCX)
Storico
Da Giu 2024 a Lug 2024
Grafico Azioni Access National Corp. (NASDAQ:ANCX)
Storico
Da Lug 2023 a Lug 2024