Union Bankshares Corp. of Bowling Green, Va., announced Monday that it is acquiring the $130 million-asset Prosperity Bank and Trust in Springfield, Va., for $36 million in cash.
Processing Content
By buying Prosperity, the $1.8 billion-asset multibank holding company would obtain its first full-service branches in the Washington suburbs. (It has loan production offices in Springfield and Manassas, Va.) Prosperity, which has three branches in Springfield, would keep its charter and management and become Union's fourth subsidiary bank.
The deal is expected to close in the second quarter. Anthony Peay, Union's chief financial officer, said his company has no plans to expand further into the D.C. market.
