Exhibit 99.1

UNION BANKSHARES CORPORATION NET INCOME UP 15.7% FROM THE FIRST QUARTER LAST YEAR

FOR IMMEDIATE RELEASE (Bowling Green, Virginia) — Union Bankshares Corporation (the “Company”) (NASDAQ: UBSH - News) reports net income for the three months ended March 31, 2006 of $6.3 million, up 15.7% from $5.5 million the same quarter in 2005. Earnings per share, on a diluted basis increased $.09 or 14.5% to $.71 from $.62 over the same time period a year ago. Return on average equity for the quarter ended March 31, 2006 was 14.05%, while return on average assets for the same period was 1.41%, compared to 13.36% and 1.32%, respectively, from the prior year’s same quarter. First quarter 2006 net income includes non-recurring gains from the sale of real estate of approximately $564 thousand, net of income taxes. Excluding the aforementioned gains, net income was approximately $5.7 million and represents an increase of approximately 5.3% from the prior year’s same quarter.

On a linked quarter basis (current quarter to most recent quarter) net income increased 7.4% or $434 thousand to $6.3 million for the quarter ended March 31, 2006. This represents an increase in earnings per share, on a diluted basis of 7.6% or $.05 over the prior quarter. Excluding the aforementioned gains, linked quarter performance was relatively flat with a 2.2% decline in net income.

As a supplement to U.S. generally accepted accounting principles (“GAAP”), the Company also uses certain alternate financial measures to review its operating performance. Earnings per share on a cash basis for the quarter ended March 31, 2006 were $.73 as compared to $.64 in the prior year’s quarter and $.68 for the quarter ended December 31, 2005. Additionally, cash basis return on average tangible equity for the quarter ended March 31, 2006 was 18.52% as compared to 18.34% in the prior year’s first quarter and 17.61% for the quarter ended December 31, 2005.

“It is a pleasure to report first quarter earnings results of $.71 per share, which represents a 14.5% increase over the prior year,” said G. William Beale, Union Bankshares Corporation’s President and Chief Executive Officer. “We continue to experience steady growth in our markets and improved financial performance. The anticipated end of the current Federal Funds interest rate tightening cycle appears likely to result in a flat or inverted yield curve and will provide challenges to us in maintaining our net interest margin. We continue to expand our footprint in strong and growing markets with a committed team and strong product offering.”

SEGMENT INFORMATION

For the three months ended March 31, 2006, net income for the community banking segment increased 16.9% or $902 thousand to $6.2 million from the same period last year. This increase was mainly driven by a margin expansion increase of $1.9 million or 11.8%. Offsetting this increase was an increase in the provision for loan losses of $206 thousand mainly attributable to loan growth. Noninterest income increased $1.4 million, or 51.3%, and included pretax gains on the sale of real estate of $872 thousand. Excluding these gains, noninterest income increased approximately $569 thousand or 20.2%, largely attributable to other service charges and deposit service charges. Noninterest expense increased $2.0 million or 18.5% mainly due to increases in salaries and benefits and other costs related to the infrastructure required to establish and maintain the Company’s expanding footprint.

On a linked quarter basis, community bank segment net income increased $380 thousand or 6.5% for the period ended March 31, 2006. Adjusting for the aforementioned gain, net income decreased approximately $184 thousand or 3.1% from the fourth quarter of 2005. The decline was primarily attributable to flat net interest income and increased provision for loan losses.

For the three months ended March 31, 2006, net income for the mortgage segment declined 43.1% or $47 thousand to $62 thousand from the same period last year. While loan profitability improved due to increased consumer demand for government loans and other more profitable loan products, loan originations remained consistent with just a .5% increase compared to the March 31, 2005 period. Net interest income fell 56.0% or $130 thousand over the same period due to increasingly narrow interest margins.

On a linked quarter basis, mortgage segment net income increased $54 thousand, or 675%. Loan originations were relatively flat and experienced a modest 1% increase. Net interest income fell 25.5% due to tightening margins despite loan profitability having increased by 12 basis points as a result of more government loans and other more profitable loan products.

NET INTEREST INCOME

The net interest margin, on a tax-equivalent basis, increased to 4.54% in the first quarter of 2006 from 4.41% in the first quarter of 2005. This 13 basis point increase was reflective of strong loan volume and repricing in response to Federal Funds interest rate increases. Average interest-earning assets for the period ended March 31, 2006 increased approximately $121 million, or 7.9%, over the same period a year ago. This growth was driven primarily within the commercial real estate and construction loan portfolios. Yields on interest-earning assets increased to 7.03% and represented a 74 basis point increase over the prior year’s same quarter. Average interest-bearing liabilities for the period ended March 31, 2006 increased approximately $112 million, or 8.9%, over the same period a year ago. This growth was driven primarily within certificates of deposit greater than $100 thousand. Cost of interest-bearing liabilities increased to 3.00% and represented a 72 basis point increase over the prior year’s same quarter. Contributing to the increase in net interest margin was the benefit derived from investing noninterest-bearing liabilities. These noninterest-bearing balances consisted of demand deposits that grew $16.6 million, or 7.4%, over the prior year’s same quarter.

On a linked quarter basis, the tax-equivalent net interest margin increased to 4.54%, or 7 basis points, from 4.47% for the period ended December 31, 2005. Net interest income remained relatively flat, declining $38 thousand to $18.6 million for the quarter ended March 31, 2006. Attributing to this minimal decline and margin tightening was a shift of funds from lower cost

interest-bearing liabilities (NOW, money market, savings accounts, etc) to higher cost interest-bearing liabilities (certificates of deposit greater than $100 thousand) during a rising interest rate environment.

Management continues to monitor interest rate risk in light of the anticipated end of the current Federal Funds tightening cycle. Management anticipates continued pressure on the net interest margin as the interest rate yield curve continues to flatten or invert in the near-term.

ASSET QUALITY

The Company’s asset quality remains good. The provision for loan losses increased $206 thousand from $332 thousand at March 31, 2005 to $538 thousand at March 31, 2006. This increase is largely attributable to $113 million in loan growth. On a linked quarter basis, the provision for loan losses increased $263 thousand. This increase is due primarily to volume increases as well as an increase in loans management has identified through its risk rating system as having potential weaknesses. These loans typically require a higher reserve based on management’s estimate of losses inherent in the loan portfolio.

Management maintains a list of loans that have potential weaknesses which may need special attention. This list is used to monitor such loans and is used in the determination of the adequacy of the Company’s allowance for loan losses. At March 31, 2006, nonperforming assets totaled $11.6 million, including a single credit relationship totaling $10.8 million in loans. The loans to this relationship are secured by real estate (two assisted living facilities and other real estate). Based on the information currently available, management has allocated $1.3 million in specific reserves to this relationship. The Company entered into a workout agreement with the borrower in March 2004. Under the terms of the agreement, the Company extended further credit secured by additional property with significant equity. The Company continues to have constructive dialogue with the borrower towards resolution of the affiliated loans; however, bankruptcy filings in 2005 by some affiliates of the borrower delayed the accomplishment of targeted actions. The Company continues to anticipate that this workout will ultimately result in a reduction of the Company’s overall exposure to the borrower. During the first quarter of 2006 a comprehensive Loan Modification Agreement was signed and the Company’s collateral position improved after achieving cross collateralization on two additional parcels of real estate. The Company remains cautiously optimistic, but has not yet reduced allocated reserves due to uncertainty about the borrower’s ability to meet agreed upon progress targets throughout 2006. As such targets are met and uncertainty reduced, it is anticipated that reserve levels will be reduced accordingly.

Net charge-offs were $23 thousand for the quarter compared to net charge-offs of $145 thousand in the same quarter last year. Net charge-offs were $81 thousand for the quarter ended December 31, 2005.

NONINTEREST INCOME

Noninterest income for the three months ended March 31, 2006 increased 30.4% or $1.6 million to $7.0 million compared to last year’s same period. This increase includes pretax gains on the sale of real estate of $872 thousand realized in the first quarter of 2006. The sale included two parcels, one at the Company’s largest subsidiary, Union Bank and Trust Company and the other at Rappahannock National Bank. Notwithstanding the aforementioned gains, noninterest income for the period increased approximately $756 thousand, or 14.1%, and is principally attributable to increases in other service charges and deposit account charges of $373 thousand, mortgage segment gains on loan sales of $206 thousand, and bank owned life insurance (“BOLI”) income of $117 thousand.

On a linked quarter basis, noninterest income increased 19.1%, or $1.1 million, to $7.0 million from $5.9 million for the period ended December 31, 2005. Notwithstanding the aforementioned gains, noninterest income increased approximately $245 thousand, or 4.2%, and is principally attributable to BOLI income of $119 thousand, mortgage segment gains on loans sales of $77 thousand and other service charges and deposit account charges of $29 thousand.

NONINTEREST EXPENSE

Noninterest expense for the three months ended March 31, 2006 increased 16.0%, or $2.2 million, to $15.6 million compared to last year’s same period. This increase was driven primarily by increases in salaries and benefits of $1.2 million, other operating expenses of $672 thousand, furniture and equipment expenses of $175 thousand and occupancy expenses of $96 thousand. Increases in salaries and benefits are attributable to new hires and replacement staff at higher market wages, as well as normal compensation adjustments. Other contributing factors relate to profit sharing expenses and employee relocation costs. The increase in other operating expenses relates to the operation of additional branches and the infrastructure needed to support the Company’s growth and existing footprint. These increases are communication costs (telephone, software, data lines) of $259 thousand, professional fees of $111 thousand and marketing expenses of $107 thousand. Furniture and equipment expenses increased $175 thousand or 19.4% while occupancy expenses increased $96 thousand or 9.6%. These increases are principally related to facilities costs associated with the Company’s continued expansion.

On a linked quarter basis, noninterest expense increased by $125 thousand, to $15.6 million from $15.5 million for the period ended December 31, 2005. Increases in salaries and benefits of $412 thousand, or 4.8% are primarily attributable to new hires and replacement staff at higher market wages as well as compensation adjustments. Operating expenses increased $100 thousand, or 10% principally driven by increases in communication costs (telephone, software, data lines). Decreases in other expenses of $166 thousand, marketing expenses of $165 thousand and franchise taxes of $79 thousand combined to offset the above increases in noninterest expense.

BALANCE SHEET

For the three months ended March 31, 2006, total assets were approximately $1.9 billion compared to $1.8 billion and $1.7 billion as of December 31, 2005 and March 31, 2005, respectively. Loans increased $48.7 million, or 3.6%, and $113 million, or 8.7%, from December 31, 2005 and March 31, 2005, respectively. Loan growth was concentrated in the commercial real estate and construction portfolios. Total cash and cash equivalents increased $33.3 million or 81.5% from March 31, 2005. A primary driver of this increase was a result of the Company’s issuance on March 30, 2006 of a Trust Preferred Capital Note totaling $37.1 million to fund the acquisition of Prosperity Bank & Trust Company (“Prosperity”). The proceeds of this Trust Preferred Capital Note issue have been applied to/invested in overnight funds, pending the disbursement of those funds to the shareholders of Prosperity in April 2006. Deposits grew $28.2 million, or 1.9%, and $141 million, or 10.5% from December 31, 2005 and March 31, 2005, respectively. This growth was principally attributed to certificates of deposit greater than $100 thousand. Total borrowings also increased by $29.5 million to $203.1 million in connection with the issuance of the aforementioned Trust Preferred Capital Note which bears interest at Libor plus 140 basis points. The Company’s equity to assets ratio has remained steady at 9.8% for March 31, 2006, December 31, 2005 and March 31, 2005 quarter ends.

INFORMATIONAL

During the first quarter of 2006, the Company changed the names of Bank of Williamsburg to Bay Community Bank and Mortgage Capital Investors, Inc. to Union Mortgage Group, Inc. While the employees, management teams and excellent service remain the same, the name changes will more accurately reflect the affiliation with the Company and no longer geographically restrict Bay Community Bank to the Williamsburg region, thereby allowing for potential expansion. This has been demonstrated by opening a Bay Community Bank branch located in Grafton, Virginia on March 6, 2006.

On April 3, 2006, the Company announced it completed the acquisition of Prosperity Bank & Trust Company, effective April 1, 2006, in a transaction valued at approximately $36 million. Prosperity, with nearly $130 million in assets, operates three offices in Springfield, Virginia, located in affluent Fairfax County, a suburb of Washington, D.C. Prosperity will operate as an independent bank subsidiary of Union Bankshares Corporation. Upon completion of the transaction, Union Bankshares will have total assets of approximately $2.0 billion.

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ABOUT UNION BANKSHARES CORPORATION

Union Bankshares is one of the largest community banking organizations based in Virginia, providing full service banking to the Central, Rappahannock, Williamsburg and Northern Neck regions of Virginia through its bank subsidiaries, Union Bank & Trust Company (32 locations in the counties of Albemarle, Caroline, Chesterfield, Fluvanna, Hanover, Henrico, King George, King William, Nelson, Spotsylvania, Stafford, Westmoreland and the Cities of Fredericksburg and Charlottesville), Northern Neck State Bank (9 locations in the counties of Richmond, Westmoreland, Essex, Northumberland and Lancaster), Rappahannock National Bank in Washington, Virginia and Bay Community Bank (formerly Bank of Williamsburg) ( 4 locations in Williamsburg, Newport News and Grafton). Union Bank & Trust also operates a loan production office in Manassas. In addition to banking services, Union Investment Services, Inc. provides full brokerage services and Union Mortgage Group, Inc. provides a full line of mortgage products. Bank Community Bank also owns a non-controlling interest in Johnson Mortgage Company, LLC.

Additional information is available on the Company’s website at www.ubsh.com. The shares of the Company are traded on the NASDAQ National Market under the symbol “UBSH”.

FORWARD-LOOKING STATEMENTS

Certain statements in this press release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that include projections, predictions, expectations or beliefs about future events or results or otherwise are not statements of historical fact. Such statements are often characterized by the use of qualified words (and their derivatives) such as “expect,” “believe,” “estimate,” “plan,” “project,” “anticipate” or other statements concerning opinions or judgment of the Company and its management about future events. Although the Company believes that its expectations with respect to certain forward-looking statements are based upon reasonable

assumptions within the bounds of its existing knowledge of its business and operations, there can be no assurance that actual results, performance or achievements of the Company will not differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Actual future results and trends may differ materially from historical results or those anticipated depending on a variety of factors, including, but not limited to, the effects of and changes in: general economic conditions, the interest rate environment, legislative and regulatory requirements, competitive pressures, new products and delivery systems, inflation, changes in the stock and bond markets, technology, and consumer spending and savings habits. The Company does not update any forward-looking statements that may be made from time to time by or on behalf of the Company.

Union Bankshares Corporation

For Quarter Ended March 31, 2006

(in thousands, except per share data)

In management’s opinion, cash basis earnings are useful to investors because by excluding non-operating adjustments

UNION BANKSHARES CORPORATION AND SUBSIDIARIES

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UNION BANKSHARES CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED INCOME STATEMENT

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