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

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Union First Market receives regulatory approval for merger

Richmond-based Union First Market Bankshares Corp. has received regulatory approval from the Federal Reserve Bank of Richmond and Virginia State Corporation Commission to move forward with its acquisition of StellarOne Corp.

Union expects the merger to close Jan. 1, and for the two banks to be fully integrated in May. Several overlapping local branches are expected to close as part of the merger, though bank officials haven’t identified which ones. Union’s operations center in Carmel Church is expected to get additional jobs as part of the merger.

The combined entity will likely rival BB&T as the largest bank in the Fredericksburg area by customer deposits, according to recently released FDIC data.