Exhibit 99.1
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Press Release |
Union Bankshares Corporation Completes Common Stock Offering
Union Bankshares Corporation Sells 4,725,000 Shares of Common Stock
Bowling Green, VA – September 17, 2009 – Union Bankshares Corporation (NASDAQ: UBSH) announced today that it has completed its public offering of 4,725,000 shares of common stock at a price of $13.25 per share. The net proceeds of the offering after deducting underwriting discounts and commissions and estimated offering expenses are expected to be approximately $58.8 million.
“We are very pleased with the success of our offering,” stated G. William Beale, President and CEO of Union Bankshares Corporation. “We received strong institutional and retail demand for our stock, which shows that investors viewed Union as a premium company. The additional capital places us in a strong position to take advantage of growth opportunities in Virginia.”
This announcement shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any offer or sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. A registration statement and prospectus relating to these securities has been filed with the Securities and Exchange Commission and is effective. A copy may be obtained from the investor relations section of Union Bankshares Corporation’s web site at: www.ubsh.com or from the SEC’s web site at: www.sec.gov. Alternatively, you may obtain a copy of the prospectus by contacting the underwriters at: Keefe, Bruyette & Woods, Inc., Equity Capital Markets, 787 Seventh Avenue, 4th Floor, New York, NY 10019 or by calling toll-free (800) 966-1559.
About Union Bankshares Corporation
Union Bankshares Corporation is a multibank holding company headquartered in Bowling Green, Virginia providing financial services through its three community banks, Union Bank and Trust Company, Northern Neck State Bank and Rappahannock National Bank, and its three nonbank financial services affiliates, Union Investment Services, Inc., a full service discount brokerage company, Union Mortgage Group, Inc., a full service mortgage lender and Union Insurance Group, LLC, a full service provider of insurance products and financial planning. Union’s current market area stretches from Rappahannock County to Fredericksburg and north to Fairfax, south to Richmond, east to Williamsburg, west to Charlottesville and throughout the Northern Neck area of Virginia.
Forward-looking Statements
This press release of Union Bankshares Corporation and the reports Union Bankshares Corporation files with the Securities and Exchange Commission often contain “forward-looking statements” relating to present or future trends or factors affecting the banking industry and, specifically, the financial operations, markets and products of Union Bankshares Corporation. These forward-looking statements involve certain risks and uncertainties. There are a number of important factors that could cause Union Bankshares Corporation’s future results to differ materially from historical performance or projected performance. These factors include, but are not limited to: (1) a significant increase in competitive pressures among financial institutions; (2) changes in the interest rate environment that may reduce net interest margins; (3) changes in prepayment speeds, loan sale volumes, charge-offs and loan loss provisions; (4) general economic conditions; (5) legislative or regulatory changes that may adversely affect the businesses in which Union Bankshares Corporation is engaged; (6) technological issues which may adversely affect Union Bankshares Corporation’s financial operations or customers; (7) changes in the securities markets or (8) risk factors mentioned in the reports and registration statements Union Bankshares Corporation files with the Securities and Exchange Commission. Union Bankshares Corporation undertakes no obligation to revise these forward-looking statements or to reflect events or circumstances after the date of this press release.
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Analyst/Institutional Investor Contact:
Tony Peay 804-632-2112
tpeay@ubsh.com
Media Contact:
G. William Beale 804-632-2121
gwbeale@ubsh.com
Tony Peay 804-632-2112
tpeay@ubsh.com
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