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will
join UBSH
Bank hopes to offer
variety of new services
By Jan LaValley
Rappahannock Newg Staff Writer
“It’s a situation of trying to get more services and products to the community that as a stand alone community bank we would not be able to deliver,” said John R. Conry Jr., executive vice president and CEO of Rappahannock National Bank, of the banks agreement to join Union Bankshares Corporation.
The agreement provides for a tax-free exchange of 158,209 shares of UBSH common stock for each share of common stock of Rappahannock. There are currently 1,000 shares of RNB outstanding. Conry said the UBSH stock recently traded for $42 per share and for the RNB stockholders that translates to $6500 to $6,600 per share, he said. RNB h«s about 60 shareholders he said.
The transaction will be subject to the approval of the regulatory authorities, the RNB stockholders and the customary closing conditions but Conry said they expect the agreement will be finalized; by the close of the second quarter, June 30.
RNB will become a wholly owned subsidiary of Union. G. William Beale, president and CEO of UBSH, said, “Rappahannock is an established and profitable community bank and provides an opportunity for UBSH to extend its presence to the growing market located near the foothills of the Blue Ridge Mountains. This area is poised for strong growth and RNB is well-positioned to be a beneficiary of that growth.”
UBSH is a bank holding company, with
See BANK, Page AS
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