Union First Market Bankshares (UBSH) in Richmond, Va., has repurchased a large block of common stock from one of its largest investors.

The $4.1 billion-asset company disclosed in a regulatory filing that it bought 500,000 shares of stock on March 7 from Markel Corp. Union First said it paid $9.5 million, or $19 a share, for the stock.

Union First used cash on hand to buy back the shares, which it plans to retire.

Earlier this month, the company announced that its board has authorized it to repurchase up to 750,000 shares of common stock in open market or privately negotiated transactions.

Markel, a specialty insurer, had been a minority investor in First Market Bank, which had been owned by the former Ukrop's Super Markets and the Ukrop's family. First Market merged with Union Bank and Trust in 2010 to create Union First.

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