Yesterday we reported that First Market Bank and Union Bank & Trust will merge into one bank called Union First Market Bank. That merger was approved by shareholders Monday. The holding company will be called “Union First Market Bankshares Corporation.”
Now BizSense has learned a few more details on how that will play out, including a new branch north of Richmond.
The bank will spend around $10 million combining the two operations. Much of that sum goes to legal and accounting fees, according to SEC filings.
The signs and marketing materials will be changed over by the end of February, said William Beale, the president & CEO at Union Bankshares and the future CEO of the new merged banks. Not all the signs will be changed at the same time, however.
“We have to work through each of the municipalities and through their sign ordinances,” Beale said. “Some take longer than others.”
Beale said the entire process could take six months but that the sign company had the logos a while ago.
He also said the bank has not decided whether to close any duplicate branches, or which branches those could possibly be. But he said the bank plans to build a branch in Stafford County that could be open in late 2010.
Aaron Kremer is the BizSense editor and covers banking. Please send news tips to Editor@richmondbizsense.com.
