Union First Market Bankshares (UBSH) in Richmond, Va., has taken a stake in a local payments firm.

The $7.1 billion-asset company has made an equity investment in The Payments Co. and will have a seat on its board, Union First announced Tuesday. It did not announce the size of its investment or of its ownership stake in the firm, which is privately held.

Businesses use Payments Co. software to make electronic payments to their vendors and employees.

"Union is pleased to make an investment in this rapidly growing Virginia payments processing company," G. William Beale, the bank's president and CEO, said in a news release. "The Payments Co. has been successful in developing effective business-to-business payment solutions for small and midsize companies, and Union is excited... to help it expand its capabilities in the large, but fragmented, B2B payments marketplace."

Union First bought StellarOne in Charlottesville, Va., on Jan. 1, adding a number of StellarOne directors and executives.

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