Union First Market purchases branch in Harrisonburg
- December 21, 2010
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.