Union Bankshares in Richmond, Va., will open a loan production office after hiring a team that worked at NewBridge Bancorp.
The $7.8 billion-asset company said in a press release that it will offer commercial loans out of the Charlotte, N.C., location, operating as UBTNC Commercial Finance.
"As part of our three-year strategic plan, we want to grow our commercial loan business and expand in key markets within our Virginia footprint as well as high potential markets in contiguous trade areas," William Beale, Union's president and chief executive, said in the release.
Union said it hired commercial bankers Philip Chandler and Kevin Kennelly Jr., along with portfolio managers Miriam Carroll and Griffin Duncan. Chandler, who will serve as market executive, formerly worked at NewBridge, according to his LinkedIn profile, as did two of the other additions.
NewBridge recently sold itself to Yadkin Financial in Raleigh, N.C.