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Lindley Estes is a business writer for The Free Lance-Star and Fredericksburg.com. This blog is on Fredericksburg-area business. Send an e-mail to Lindley Estes.

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Union First Market Bank buying branch in Harrisonburg

Union First Market Bankshares Corp. is buying a branch at 440 S. Main St. in Harrisonburg from NewBridge Bancorp, UFMB announced today. Union will acquire the real estate, deposits of about $59.3 million and loans of $73.5 million at book value from NewBridge Bank. Union will keep the commercial loan operation team and offer jobs to all branch employees. Union will also purchase real estate owned by NewBridge Bank in Waynesboro. The transaction is expected to close early next year.

Most of NewBridge Bank’s branches are in the Piedmont area of North Carolina. The Harrisonburg branch is NewBridge’s only one in Virginia. Union is not buying the entire bank but rather the single branch in Harrisonburg and its assets and deposits. The branch will be renamed Union First Market Bank.

Union CEO William Beale said in the news release that the acquisition, along with the recent opening of a loan production office in Staunton, “fits our secondary growth strategy of expanding our operations along the I-81 corridor.” The bank also has branches in Charlottesville, Roanoke and Winchester. 

Union is the second-biggest bank by customer deposits in the Fredericksburg region, trailing only BB&T. Click here to see the local banking data.

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Permalink: http://news.fredericksburg.com/businessbrowser/2010/12/21/union-first-market-bank-buying-branch-in-harrisonburg/