First Market Bank was a federal savings bank founded and headquartered in Richmond, Virginia. It offered a full range of both retail and commercial products as well as mortgage, trust and investment services. The bank also employed more than 300 people. It completed a merger with Union Bankshares on February 1, 2010 to become Union First Market Bankshares Corporation.
History
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First Market began operations on November 4, 1997 with seven branches. It was a joint venture between Ukrop's Super Markets, Inc. and National Commerce Bancorporation of Memphis, TN. This was the first partnership of its kind, where a retailer shared in the ownership of a co-located bank.
In 2006, SunTrust Banks, Inc., the successor of National Commerce Bancorporation, sold its interest in First Market to the Markel Corporation, a Richmond, VA based specialty property and casualty insurer. This move also brought the bank's headquarters to Richmond.
By 2009, First Market operated 39 full-service branches, with 25 inside Ukrop’s Supermarkets. The bank had a geographic footprint including Richmond, Fredericksburg, Roanoke, and Williamsburg, VA. Assets totaled $1.4 billion, net loans totaled $1.0 billion, deposits totaled $1.2 billion, and shareholders’ equity totaled $125.1 million.
Merger with Union Bank and Trust
On March 30, 2009, First Market Bank agreed to be acquired by Bowling Green, Virginia based Union Bankshares in an all stock transaction valued at approximately $105.4 million.[1] The merger was complete on February 1, 2010, and on March 22, the branches reopened as Union First Market Bank. The new company became the largest community bank in Virginia, and moved its headquarters to Richmond. This transaction paralleled the sale of the assets of Ukrop’s Super Markets to Giant Food Stores of Carlisle, PA on February 8, 2010.
References
- ^ http://www.thefreelibrary.com/Ukrop%27s,+First+Market+Bank+Opening+Nation%27s+First+Joint+Venture...-a019944015
- ^ http://idc.api.edgar-online.com/efx_dll/edgarpro.dll?FetchFilingConvPDF1?SessionID=eAdqWbV7Y4xSEIS&ID=6789893
- ^ http://idc.api.edgar-online.com/efx_dll/edgarpro.dll?FetchFilingConvPDF1?SessionID=eAdqWbV7Y4xSEIS&ID=6789893
- ^ http://www.ubsh.com/site/presidents_letter.html
External links
- First Market Bank website
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