Union First Market purchases branch in Harrisonburg

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Union First Market Bankshares has agreed to purchase the NewBridge Bank branch in Harrisonburg, further expanding its reach in Virginia.

“This branch acquisition, along with the recent opening of a loan production office in Staunton, fits our secondary growth strategy of expanding our operations along the I-81 corridor,” G. William Beale, CEO of Union First Market Bankshares, said in a statement. “When the acquisition is complete, Union will operate 91 branches throughout Virginia — more branches than any other Virginia-based community banking organization.”

Most of NewBridge Bank’s offices are located in North Carolina. Union First Market will acquire deposits of about $59.3 million and loans of $73.5 million. Union First Market will offer jobs to all NewBridge employees at the branch.

The purchase is subject to regulatory approvals and is expected to be completed by early 2011.

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