EXHIBIT 99.2

Forward Looking Information

Certain

statements

this

report

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 and are not

statements of historical fact. Such statements are often characterized by the use of qualified words (and

their

derivatives)

such

“expect,”

“believe,”

“estimate,”

“plan,”

“project,”

“anticipate”

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 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

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.

$1,264,841

$1,362,254

$1,549,445

$1,747,820

$1,874,088

$1,871,506

$400,000

$800,000

$1,200,000

$1,600,000

$2,000,000

$2,400,000

2004

2005

2006

2007

2008

2009 Q2

Strong Balance Sheet Growth

$1,672,210

$1,824,958

$2,092,891

$2,301,397

$2,551,932

$2,615,447

$500,000

$1,000,000

$1,500,000

$2,000,000

$2,500,000

$3,000,000

2004

2005

2006

2007

2008

2009 Q2

$1,314,317

$1,456,515

$1,665,908

$1,659,578

$1,926,999

$1,997,364

$400,000

$800,000

$1,200,000

$1,600,000

$2,000,000

$2,400,000

2004

2005

2006

2007

2008

2009 Q2

CAGRs

from year ended 2004-2008

Assets ($M)

Deposits ($M)

Loans ($M)

CAGR = 11.15%

CAGR = 10.04%

CAGR = 10.33%

Delinquency

Source: SNL 2009 Q1

UBSH

Peer Median

NCLs/Lns: Tot Real Estate Lns (%)

2.22%

3.77%

NCLs/Lns: Const&Dev Lns (%)

5.00%

10.17%

NCLs/Lns: Rev 1-4 Fm Lns (%)

0.60%

0.53%

NCLs/Lns: Clsd-end 1-4 Fm Lns (%)

1.08%

1.80%

NCLs/Lns: Total 1-4 Fm Lns (%)

0.92%

1.46%

NCLs/Lns: Multifamily Lns (%)

0.00%

3.42%

NCLs/Lns: Farm Lns (%)

0.85%

1.57%

NCLs/Lns: Cmcl RE (Nofm/NoRes) (%)

1.70%

1.36%

NCLs/Lns: Cmcl RE & Farm Lns (%)

1.66%

1.27%

NCLs/Lns: Multifm,Cmcl RE,& Fm (%)

1.56%

1.43%

NCLs/Lns: Cred Card Loans (%)

1.38%

0.53%

Total Noncurrent Loans/ Loans (%)

2.04%

3.21%

Total Noncurrent Loans/ Assets (%)

1.49%

2.37%

Pro

Forma

Franchise

Merger Highlights

Pro forma Company becomes the largest

community bank in Virginia

$4.0 billion in assets Mid-Atlantic

franchise with strong presence in high

growth Virginia markets

Moves UBSH from 11

to 6

in deposit

market

Virginia;

from

the Richmond MSA

Exceptional management with highly

regarded Board

Complementary strengths and

identifiable synergies

Accretive to earnings in 2010

Pro Forma Footprint

Union Bankshares Corporation (58 Branches)

First Market Bank, FSB (39 Branches)

Pro Forma Deposit Market Share

Virginia Market Share

Richmond MSA Market Share

Source: SNL Financial

Deposit

data

6/30/2008;

pro

forma

for

pending

and

recently

completed

acquisitions

Total

Deposits

Market

Branch

in Market

Rank

Institution

Count

($000)

(%)

Wells Fargo & Co. (CA)

299

25,887,623

18.06

BB&T Corp. (NC)

396

19,751,974

13.78

Bank of America Corp. (NC)

213

18,270,437

12.75

Capital One Financial Corp. (VA)

17,407,071

12.14

SunTrust Banks Inc. (GA)

249

14,208,406

9.91

Pro Forma

2,883,704

2.01

StellarOne

Corp. (VA)

2,427,374

1.69

Carter Bank & Trust (VA)

2,269,885

1.58

Virginia Commerce Bancorp Inc. (VA)

2,100,405

1.47

TowneBank

(VA)

1,990,788

1.39

United Bankshares Inc. (WV)

1,889,176

1.32

Union Bankshares Corp. (VA)

1,791,798

1.25

PNC Financial Services Group (PA)

104

1,779,437

1.24

Hampton Roads Bankshares Inc. (VA)

1,352,045

0.94

Burke & Herbert Bank & Trust (VA)

1,194,302

0.83

First Market Bank, FSB (VA)

1,091,906

0.76

Top 10

1,501

106,203,139

74.09

Totals

2,750

143,340,900

100.00

Total

Deposits

Market

Branch

in Market

Rank

Institution

Count

($000)

(%)

Bank of America Corp. (NC)

7,516,564

28.99

Wells Fargo & Co. (CA)

6,197,746

23.90

BB&T Corp. (NC)

2,986,091

11.52

SunTrust Banks Inc. (GA)

2,883,220

11.12

Pro Forma

1,484,446

5.73

First Market Bank, FSB (VA)

989,981

3.82

Franklin Financial Corporation (VA)

621,707

2.40

Eastern Virginia Bankshares (VA)

604,244

2.33

Union Bankshares Corp. (VA)

494,465

1.91

Village Bank & Trust Finl

Corp (VA)

448,013

1.73

C&F Financial Corp. (VA)

379,226

1.46

Central Virginia Bankshares (VA)

367,085

1.42

Community Bankers Trust Corp (VA)

361,426

1.39

of Southside Virginia Corp. (VA)

305,951

1.18

Hampton Roads Bankshares Inc. (VA)

254,457

0.98

Virginia BanCorp

Inc. (VA)

243,007

0.94

Top 10

292

23,121,257

89.17

Totals

384

25,929,088

100.00

Chairman:

Ronald L. Hicks (UBSH)

Chief Executive Officer:G. William Beale (UBSH)

President:

David J. Fairchild (FMB)

Chief Financial Officer:

D. Anthony Peay (UBSH)

Chief Banking Officer:

John C. Neal (UBSH)

* Depends on regulatory, SEC and shareholder approval

Transaction Overview

Name:

Union First Market

Bankshares Corporation

Headquarters:

Richmond, VA

Board:

Existing UBSH Board plus:

James E. Ukrop

Steven A. Markel

David J. Fairchild

Leadership:

Targeted Closing Date: *

Early

4th

Quarter

2009

Corporate Structure

Pro Forma Overview

Transaction Detail

Consideration:

(1)

100% Common Stock

Preferred Shares:

First Market’s outstanding $10.0 million 9.0% preferred shares will be converted

into common equity

Shares to be Issued:

Common Shareholders:

6.7 million shares

Preferred Shareholders:

703 thousand shares

(2)

Pre-Conversion

Post-Conversion

Pro Forma Ownership:

of Preferred

Current Union Shareholders:

67.0%

64.8%

Current First Market Shareholders:

33.0

35.2

Value

First

Market

$105.4

million

(Assumes

$14.23

stock

price

for

UBSH

(2)

)

Cost Savings:

(3)

Approximately 9.0% of the combined expense base

Phase In:

100% in 2010

Estimated Deal Charges

$8.0 million after-tax

(1) Capital Purchase Program / Troubled Asset Relief Program funds were not used in this transaction

(2) Estimated

conversion

and

deal

value

pre-market

announcement

March

2009;

actual shares issued in preferred conversion are based on the 10-day average trading price near close (as defined in the Merger Agreement), provided that it shall not be more

than $16.89 nor less than $12.89

(3) To include costs associated with overlapping branches and other duplicative

functions, managed through normal attrition and retirement as much as possible

Comparable Acquisitions

118

161

100

150

200

250

UBSH / First Market

Comparable

Transactions

1.7

13.8

0.0

10.0

20.0

30.0

40.0

UBSH / First Market

Comparable

Transactions

Price

Tangible

Book

Value

(1)

(%)

Core

Deposit

Premium

(2)

(%)

Source: SNL Financial and company filings

Comparable transactions do not include merger of equals

(1) Based on First Market’s tangible equity of $89.4 million as of 12/31/2008

(2) Core deposits include total deposits less jumbo certificates of deposits

Comparable transactions include all bank and thrift transactions in Maryland, Virginia and North Carolina

announced after 7/1/2007 with deal values between $20 million and $500 million

Virginia’s

largest

community bank

–

Assets: $1.3 billion

–

Gross Loans: $1.0 billion

–

Deposits: $1.1 billion

–

Tangible Common Equity: $79.4 million

Successful partnership with Ukrop’s Super Markets, Inc.

39 branches

–

13 traditional branches

–

26 supermarket branches

Comprehensive financial services provider

–

Banking

–

Mortgage

–

Investment

–

Brokerage

–

Trust

–

Insurance

First Market Overview

Deposits Over Time ($mm)

First Market Overview

Consumer

Deposits

75.0%

Business

Deposits

25.0%

$510

$634

$815

$875

$916

$1,011

$1,095

$1,047

$1,128

$400

$650

$900

$1,150

$1,400

2000

2001

2002

2003

2004

2005

2006

2007

2008

Supermarket Relationship

•

Successful supermarket partnership generates retail customer relationships

Median Aggregate Deposits of In-Store Locations ($MM)

In-Store Locations Open 5+ Years*

In-Store locations

generate over 75%

of retail deposit

accounts

$30.7

$2.9

$4.7

$6.3

$7.4

$9.7

$30.1

$29.7

$14.1

$20.0

$25.0

$29.5

$8.6

$10.0

$12.1

$11.3

$0.0

$5.0

$10.0

$15.0

$20.0

$25.0

$30.0

$35.0

First Market

Comparable Locations

Years Open

Branch Deposit

Median

Size Range

Deposits

Quartile

($MM)

$21.0 -

$114.3

$28.6

$12.9 -

$21.0

$16.5

$7.2 -

$12.9

$9.9

$1.0 -

$7.2

$4.3

First Market

$15.3

$40.3

$25.5

Source: SNL Financial

“Comparable locations” include 71 full-service branches in high-end grocery stores

Medians calculated at June 30 each year

First Market deposit range and current deposits as of 12/31/08

*Includes 4,040 in-store locations in the U.S. open over 5 years

•

Performed extensive due diligence

–

Financial and legal due diligence

–

Credit due diligence conducted by

management and third party loan review

specialists

•

Reviewed all non-performing,

substandard and watch-list loans in

excess of $250 thousand

•

Reviewed 66% of commercial real estate

loans

•

Determined potential losses under stress

scenarios

•

Interviewed key personnel

•

Modeled using estimated fair market

value adjustment of 2.5% of gross loans

•

Current loan loss reserve equals

1.30%

Due Diligence

Due Diligence Process

Asset Quality

0.30

0.59

0.26

0.25

0.12

0.37

0.15

1.59

0.25

0.00

0.50

1.00

1.50

2.00

2004

2005

2006

2007

2008

NPAs / Loans + OREO

Peer Group

(1)

First Market

0.06

0.02

0.12

0.25

0.08

0.06

0.02

0.05

0.25

0.01

0.00

0.10

0.20

0.30

0.40

2004

2005

2006

2007

2008

Net Charge-offs / Avg. Loans

(%)

Source: SNL Financial

(1) Peer group includes select banks and thrifts headquartered in Virginia with

assets between $1.0 billion and $5.0 billion

Leverage Ratio (%)

Total Capital Ratio (%)

13.83

13.56

12.67

11.00

12.00

13.00

14.00

15.00

UBSH Stand

Alone

First Market

Stand Alone

Pro Forma

5.98

5.97

5.65

3.00

4.00

5.00

6.00

7.00

UBSH Stand

Alone

First Market

Stand Alone

Pro Forma

10.87

9.23

9.71

8.00

9.00

10.00

11.00

12.00

UBSH Stand

Alone

First Market

Stand Alone

Pro Forma

12.59

10.86

11.33

10.00

11.00

12.00

13.00

14.00

UBSH Stand

Alone

First Market

Stand Alone

Pro Forma

Capital Impact

Capital ratios projected at close

Additional Information and

Where to Find It

In connection with the proposed merger transaction with First Market Bank, Union has filed with the

Securities and Exchange Commission (the “SEC”) a preliminary proxy statement. The definitive proxy

statement will be sent to the stockholders of Union seeking their approval of certain merger related matters at

a later date. In addition, Union may file other relevant documents concerning the proposed transaction with

the SEC. STOCKHOLDERS OF UNION ARE URGED TO READ THE DEFINITIVE PROXY

STATEMENT AND ANY OTHER RELEVANT DOCUMENTS TO BE FILED WITH THE SEC IN

CONNECTION

WITH

THE

PROPOSED

TRANSACTION

BECAUSE

THEY

WILL

CONTAIN

IMPORTANT INFORMATION. Stockholders of Union may obtain free copies of these documents through

the website maintained by the SEC at http://www.sec.gov. Free copies of the definitive proxy statement

(when available) also may be obtained by directing a request by telephone or mail to Union Bankshares

Corporation, Post Office Box 446, Bowling Green, Virginia 22427-0446, Attention: Investor Relations

(telephone:

(804)

633-5031)

accessing

Union’s

website

http://www.ubsh.com

under

“Investor

Relations –

SEC Filings.”

The information on Union’s website is not, and shall not be deemed to be, a part of

this release or incorporated into other filings the company makes with the SEC.

Union and its directors, executive officers and certain members of management may be deemed to be

participants in the solicitation of proxies from the stockholders of Union in connection with the transaction.

Information about the directors and executive officers of Union is set forth in the proxy statement for

Union’s

2009

annual

meeting

shareholders

filed

with

the

SEC

March

19,

2009.

Additional

information

regarding the interests of these participants and other persons who may be deemed participants in the

transaction may be obtained by reading the definitive proxy statement regarding the merger when it becomes

available.

Caution Regarding Forward-

Looking Statements

Certain statements made in this release may be considered forward-looking statements. Such statements speak only as of the

date of this release and are based on current expectations and involve a number of assumptions. These include statements as

to the anticipated benefits of the proposed transaction with First Market Bank, including future financial and operating results

that

may

realized

from

the

transaction

well

other

statements

expectations

regarding

the

transaction

and

any

other

statements regarding future results or expectations. Union intends such forward-looking statements to be covered by the safe

harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and is

including this statement for purposes of these safe harbor provisions. Union’s ability to predict results, or the actual effects of

future plans or strategies, is inherently uncertain. Factors which could have a material effect on the operations and future

prospects

Union

include

but

are

not

limited

to:

(1)

the

businesses

acquired

companies

may

not

integrated

successfully

such

integration

may

difficult,

time-consuming

costly

than

expected;

(2)

expected

revenue

synergies and cost savings from acquisitions may not be fully realized or realized within the expected timeframe;

(3)

revenues

following

acquisitions

may

lower

than

expected;

(4)

customer

and

employee

relationships

and

business

operations

may

disrupted

acquisitions;

(5)

the

ability

obtain

required

regulatory

and

shareholder

approvals,

and

the

ability to complete acquisitions on the expected timeframe may be more difficult, time-consuming or costly than expected;

(6)

changes

interest

rates,

general

economic

conditions,

monetary

and

fiscal

policies

the

government

(including

policies of the U. S. Treasury and the Federal Reserve Board), the quality and composition of the loan and securities

portfolios, demand for loan products, deposit flows, competition, demand for financial services in its market areas, laws and

regulations,

and

accounting

principles,

policies

and

guidelines;

and

(7)

other

risk

factors

detailed

from

time

filings

made by Union with the SEC. Union undertakes no obligation to update or clarify these forward-looking statements, whether

as a result of new information, future events or otherwise.