Another Greater Washington bank is being acquired, this time by Richmond-based Union Bankshares Corp., which is snapping up Reston’s Access National Corp., parent company of Access National Bank, for $610 million in stock.
The combination of Access National (NASDAQ: ANCX) and Union Bankshares (NASDAQ: UBSH) will create a bank with $16 billion in assets and $11.9 billion in deposits, making it one of the largest banks in Virginia. As part of the deal, Access National shareholders will get 0.75 Union shares for each share of Access, or about $29.19 per share.
The purchase price represents just a small premium on Access National’s closing price Thursday of $26.83 per share. The local bank had seen its stock top $30 per share in June.
The deal also comes just about 18 months after Access National completed its own $233.1 million acquisition of Middleburg Financial Corp.
“We expect that our combined footprint will bring additional convenience to our customers and position us as an even…Read the full story from the Washington Business Journal.