The $3.9 billion-asset company said in a regulatory filing Monday that James Edward Ukrop sold the shares to "curtail a construction project loan from an unaffiliated lender which was secured by the shares." Union First paid about $4.4 million, or $13 a share, for the stock, using cash on hand.
Union First will transfer more than 115,000 of the repurchased shares to its employee stock ownership plan for $13 a share and will retire the rest. After the sale, Ukrop will hold roughly 874,000 shares, or about 3.4%, of the company's outstanding common stock.
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