Industries Banking/Finance

Union First Market Bankshares acquires branch from NewBridge Bancorp

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There’s more growth on the way for Richmond’s biggest local bank.

Union First Market Bankshares Corp., which just selected a bigger downtown Richmond headquarters, announced with NewBridge Bancorp today that their respective subsidiary banks have completed the purchase agreement for the NewBridge Bank branch located at 440 South Main St. in Harrisonburg.

In a press release, G. William Beale, the CEO of Union First Market Bankshares, said the acquisition will help open up a new market for the bank.

Union First Market Bank acquired deposits of about $50.4 million and loans of $72.6 million at book value from NewBridge Bank. Union First Market bank retained all branch employees, and also purchased a real estate parcel owned by NewBridge Bank in Waynesboro.

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