Industries Banking/Finance

Union First Market Bankshares Corp. changes its name

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Richmond-based Union First Market Bankshares Corp. has become Union Bankshares Corp., returning to a name it had used before a 2010 merger.

The change was authorized by the company’s shareholders at its annual meeting on April 22.

Union Bankshares is the parent company of Union First Market Bank and StellarOne Bank. Those banks will merge next month, and the combined bank will continue to use the Union First Market  name until the second half of 2014.

Union First Market Bankshares Corp. acquired Charlottesville-based StellarOne Corp. in January, forming the largest community banking company in Virginia in terms of assets.

Union First Market itself is the result of the merger four years ago between Richmond-based First Market Bank and Bowling Green-based Union Bankshares.

First Market Bank was begun in 1997 as a joint venture between Richmond-based Ukrop’s Super Markets Inc. and Memphis-based National Commerce Bancorporation. Richmond-based Markel Corp., a specialty insurance company, later was Ukrop’s partner in the bank.

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