Union First Market Bancshares (UBSH) in Richmond, Va., plans to remake its board and expand its executive team after acquiring StellarOne (STEL) in Charlottesville, Va.
The $4 billion-asset Union First said Tuesday that it will add eight directors and two executives from StellarOne. The appointments will become effective when the deal closes. The companies have received all necessary approvals and expect to complete the transaction on Jan.1.
David Bilko will become Union First's chief risk officer, and Jeffrey Farrar will become executive vice president of wealth management, insurance and mortgages, Union First said. Both are new positions, a Union First spokesman said. Bilko is StellarOne's chief risk officer; Farrar is its chief financial officer.
Bilko "will enable Union to better focus on enterprise risk concerns and ensure compliance with the heightened regulatory climate," Union First Chief Executive G. William Beale said in a press. "By bringing the groups that drive our non-interest income together, [Farrar] will focus on building synergies between those teams and the bank and to look for new opportunities to grow non-interest income."
StellerOne Chairman Raymond Smoot is among the eight directors who will join Union First Market's board. The eight new directors would expand Union First's board to nineteen.
Union First agreed in June to pay about $445 million in stock for StellarOne. The acquisition would give Union First about $7.1 billion in assets.