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Bill Freehling is a business writer for The Free Lance-Star and Fredericksburg.com. This blog is on Fredericksburg-area business. Send an e-mail to Bill Freehling.
Union-Stellar merger will close five local branches
Union on Wednesday announced in a quarterly earnings report that it would consolidate 13 overlapping branches statewide as a result of the StellarOne merger.
The merger is expected to close Jan. 1, but the StellarOne brand won’t be consolidated into Union until May 9. The combined entity will rival BB&T as the largest bank in the Fredericksburg area by customer deposits.
Here are the local branches that will be closed in May, as well as the nearby location into which each will be combined.
- The Union branch at 4210 Plank Road in Spotsylvania County will be closed and consolidated into the Stellar branch at 4109 Plank Road in Spotsylvania.
- The Union branch at 4540 Lafayette Blvd. in Spotsylvania will be closed and consolidated into the Stellar branch at 4805 Lassen Lane in Spotsylvania.
- The Stellar branch at 1016 Charles St. in Fredericksburg will be closed and consolidated into the Union branch at 725 Kenmore Ave. in Fredericksburg.
- The Stellar branch at 25 Banks Ford Parkway in Stafford County will be closed and consolidated into the Union branch at 1044 Warrenton Road in Stafford.
- The Stellar branch at 18121 Jefferson Davis Highway in Caroline County will be closed and consolidated into the Union branch at 7349 Ladysmith Road in Caroline.
The Union-Stellar merger will also result in two branches being closed in the Charlottesville area, two in the Roanoke area, two in the Richmond area, one in the Harrisonburg area and one in the Blacksburg area.
There is the most overlap between StellarOne and Union in the Fredericksburg market, hence the decision to close more branches here than any other area.
Union spokesman Bill Cimino said customers who bank at one of the branches being closed will receive official notification and information about three months before the closure. Customers don’t have to do anything now.
Union will attempt to sell the branches that are being closed, Cimino said. The Union operations center in Carmel Church is expected to add jobs as a result of the merger.