Mercantile Bankshares Corp. of Baltimore said Friday that it has reached a definitive agreement to buy Union National Bancorp of Westminster, Md., for $65.5 million of stock.Mercantile would swap 1.15 share of its stock for each share of its deal partner. Union National, founded in 1816, has $309 million of assets.

It would be merged with Mercantile's subsidiary Westminster Bank and Trust Co.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.