UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No.         )*

Union First Market Bankshares Corporation

(Name of Issuer)

Common Stock, par value $1.33

(Title of Class of Securities)

905399101

(CUSIP Number)

David N. Oakey

Esquire

McGuireWoods LLP

901 East Cary Street

Richmond, VA 23219

(804) 775-1022

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

February 1, 2010

(Date of Event which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because § 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g) check the following box  ¨.

Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule 13d-7 for other parties to whom copies are to be sent.

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act.

The title and class of equity securities to which this Schedule 13D relates is the common stock, par value $1.33 per share (the “Shares”), of Union First Market Bankshares Corporation, a Virginia corporation (formerly Union Bankshares Corporation, the “Issuer”). The address of the principal executive offices of the Issuer is 111 Virginia Street, Suite 200, Richmond, VA 23219.

(a), (b), (c) and (f). This Schedule 13D is being filed by James E. Ukrop (“James”), Robert S. Ukrop (“Robert”), Ukrop’s Thrift Holdings, Inc. (“Thrift”), Ukrop’s Super Markets, Inc. (“Ukrop’s”) and Ukrop’s Services L.C. (“Services,” and together with James, Robert, Thrift and Ukrop’s the “Reporting Persons”).

James is a United States citizen who serves as a director of the Issuer.

Robert is a United States citizen whose principal occupation is chairman, president and chief executive officer of Ukrop’s. Robert is the brother of James.

Each of James and Robert is a Managing Member of Services. Services is a Virginia limited liability company currently not engaged in any operating activities.

James is a director and chairman of Thrift and Robert is president, chief operating officer and a board member of Thrift. Thrift is a Virginia corporation and a wholly-owned subsidiary of Ukrop’s. Thrift currently is not engaged in any operating activities. Robert is the chairman, president and chief executive officer of Ukrop’s, and each of James and Robert is a controlling shareholder of Ukrop’s. Ukrop’s has a wholly owned operating subsidiary engaged in the business of manufacturing and supplying prepared foods.

The business address of the Reporting Persons other than James is 2001 Maywill Street, Suite 100, Richmond, VA 23230. The business address of James is 111 Virginia Street, Suite 200, Richmond, VA 23219.

Executive Officers and Directors: in accordance with the provisions of General Instruction C to Schedule 13D, information concerning executive officers and directors of Services, Thrift, and Ukrop’s (other than James and Robert) is included in Schedule A hereto and is incorporated by reference herein.

(d) and (e) During the last five years, none of the Reporting Persons, and to the best knowledge of the Reporting Persons, none of the persons set forth on Schedule A: (i) has been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors); or (ii) was a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.

Effective February 1, 2010, First Market Bank (“First Market”) merged with and into a newly formed wholly owned interim bank subsidiary of the Issuer (“Acquisition Bank”), with Acquisition Bank surviving as a direct wholly owned subsidiary of the Issuer (the “Merger”). As a result of the Merger, each share of First Market common stock automatically converted into the right to receive 6,273.259 shares of common stock (“Shares”) of the Issuer. Each of the Reporting Persons, as a shareholder of First Market, received Shares of the Issuer in the Merger. Prior to the Merger James was the chairman of First Market, and at the closing of the Merger, James was named as a director of the Issuer.

The Reporting Persons intend to hold for investment the Shares that they own and have no present plans to acquire additional Shares, or to dispose of any Shares, but reserve the right to buy or sell from time to time.

In connection with the completion of the Merger, the Reporting Persons committed to the Federal Reserve Bank of Richmond not to exercise or attempt to exercise a controlling influence over the management or policies of the Issuer or any of its Subsidiaries (the “Passivity Commitment”). As a result of the Passivity Commitment, the Reporting Persons may not have any plans or proposals which relate to, or would result in, any one or more of the matters described in Items 4(a)-(j) of Schedule 13D.

James currently serves on the board of directors of the Issuer. As a director, James may have influence over the corporate activity of the Issuer, including activity which may relate to transactions described in subparagraphs (a) through (j) of this Item 4 to Schedule 13D.

(a) As of February 11, 2010, the aggregate number of Shares and the percentage of the outstanding Shares of the Issuer beneficially owned by each of the Reporting Persons is as follows:

James is the record holder of 279,442 Shares and an indirect beneficial owner of 56,207 Shares held in a revocable trust. Robert is the record holder of 279,442 Shares and an indirect beneficial owner of 46,674 Shares held in a revocable trust. Thrift is the record holder of 3,073,896 Shares and Services is the record holder of 125,465 Shares.

Both Robert and James may be deemed to be the indirect beneficial owners of 2,848 Shares held in a trust for the benefit of one of Robert’s children, as co-trustees for the trust. Robert may be deemed to be the indirect beneficial owner of 14,854 Shares held in two trusts for the benefit of two of his children and for which Robert’s wife serves as trustee. Robert may be deemed to be the indirect beneficial owner of 2,848 Shares held in a trust for the benefit of one of his children and for which he serves as trustee.

Ukrop’s may be deemed to beneficially own 3,073,896 Shares as the sole shareholder of Thrift.

James may be deemed to beneficially own the 3,073,896 Shares held by Thrift as a control person of Ukrop’s and as chairman and director of Thrift. Robert may be deemed to beneficially own the 3,073,896 Shares held by Thrift as a control person, director and executive officer of Ukrop’s and as a director and executive officer of Thrift.

James and Robert each may be deemed to beneficially own the 125,465 Shares held by Services as co-managers and co-members of Services.

Based on 25,896,839 Shares issued and outstanding as of February 1, 2010, as reported by the Issuer to the Reporting Persons, (1) James may be deemed to beneficially own 13.66% of the outstanding Shares, (2) Robert may be deemed to beneficially own 13.68% of the outstanding Shares, (3) Thrift and Ukrop’s may be deemed to beneficially own 11.87% of the outstanding Shares, and (4) Services may be deemed to beneficially own 0.48% of the outstanding Shares.

Each of the Reporting Persons disclaims beneficial ownership of the securities held by others, including the other Reporting Persons, except to the extent of such Reporting Person’s pecuniary interest therein, if any.

(b) Number of shares as to which each Reporting Person has:

Sole power to vote or to direct the vote:

See Cover Pages Items 7 – 10.

Shared power to vote or to direct the vote:

See Cover Pages Items 7 – 10.

Sole power to dispose or to direct the disposition of:

See Cover Pages Items 7 – 10.

Shared power to dispose or to direct the disposition of:

See Cover Pages Items 7 – 10.

(c) None of the Reporting Persons engaged in any transactions involving the Issuer’s Shares during the past 60 days.

(d) No person other than the Reporting Persons have the right to receive or the power to direct the receipt of dividends from, or proceeds from the sale of, the Shares reported as being beneficially owned by the Reporting Persons on this Schedule 13D.

(e) Not applicable.

The information provided in Item 4 of this Schedule 13D is incorporated herein by reference.

Other than as described in Item 4, to the knowledge of the Reporting Persons, there are no contracts, arrangements, understandings or relationship (legal or otherwise) among the persons named in Item 2 and between any such person and any person with respect to any securities of the Issuer, including, but not limited to, the transfer or voting of any securities, finder’s fees, joint ventures, loan or option arrangements, puts or calls, guarantees of profits, division of profits or loss, or the giving or withholding of proxies.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Dated: February 11, 2010

SCHEDULE A

DIRECTORS AND OFFICERS OF REPORTING PERSON

Each person’s business address is 2001 Maywill Street, Suite 100, Richmond, Virginia, 23230 and each such person is a United States citizen.

Ukrop’s Services, L.C. does not have any officers or directors. Ukrop’s Super Markets currently has no executive officers other than Robert S. Ukrop.

Exhibit 1

Joint Filing Agreement

The undersigned parties hereby agree to the joint filing of the Statement on Schedule 13D filed herewith, and any amendments hereto, relating to the shares of Common Stock, par value $1.33 per share of Union First Market Bankshares Corporation, with the Securities and Exchange Commission pursuant to Rule 13d-1(k).

Dated: February 11, 2010

EXHIBIT 2

Ukrop’s Commitments to Federal Reserve Bank of Richmond

Ukrop’s Super Markets, Inc. (“Ukrop’s”) and its affiliates and subsidiaries (the “Ukrop’s Group”) will not, without the prior approval of the Board or its staff or the Federal Reserve Bank of Richmond:

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2

The terms used in these commitments have the same meanings as set forth in the Bank Holding Company Act of 1956, as amended, and the Board’s Regulation Y.

Ukrop’s understands that these commitments constitute conditions imposed in writing in connection with the Board’s findings and decisions in Union’s application to acquire all of the voting shares of First Market Bank, FSB, Richmond, Virginia, pursuant to section 4 of the Bank Holding Company Act, and, as such, may be enforced in proceedings under applicable law.

Executed this 9^th day of January, 2010.

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