A pair of private-equity firms have cashed out of Union Bankshares in Richmond, Va.

Affiliates of Carlyle Group and Anchorage Advisors sold a total of 7.9 million shares in a secondary public offering, bringing in $301 million in proceeds, the $9.3 billion-asset Union said in a press release. The firms had each owned about 6% of Union's common stock.

The firms initially helped recapitalize Hampton Roads Bancshares in 2010. Hampton Roads bought Xenith in 2016, taking the seller's name.

Union bought Xenith in a deal that closed on Jan. 1. Union, which has 150 branches in Virginia, North Carolina and Maryland, plans to convert the Xenith branches in May.

Keefe, Bruyette & Woods, Sandler O’Neill and Raymond James served as active bookrunners for the offering. Barclays Capital served as a joint bookrunner.

Carlyle Group and Anchorage Advisors are cashing out of an investment they made in 2010. Getty Images

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