Super Lawyers
The top Attorneys in Virginia and
the Washington, D.C. metropolitan
area, only 5% of the attorneys
in the state are named in SuperLawyers
ATA NBTA | The National Board of Trial Advocacy Association of Trial Lawyers of America Virginia Trial Lawyers Association National Asociation of Distinguished Counsel | Nation's Top One Percent | NADC

Virginia companies merging to create largest bank in state

Union First Market Bankshares Corp., from Richmond, Virginia, is set to acquire StellarOne, based in Charlottesville, in a $445.1 million merger. After the merger, Virginia National Bank, located in Richmond, will be the area's main community bank. Changes should not affect customers until the summer.

The decline of banks nationwide does not signal fortunate change, however. Community banks control less than 10 percent of total U.S. assets currently while bigger banks control around 80 percent. This could negatively affect the communities they're in because small businesses depend on small banks for loans, for example. Credit unions are projected to do better because of their regulatory structures, which differ from other banks.

Many factors can affect businesses. Mergers and acquisitions happen on a daily basis as companies expand and grow to better serve their customers and clients. Regardless of what stage a business is at, most corporations will consult with an attorney when expanding into new markets or when they are ready to steer their business into a new direction. Strategic planning is key at this point, and long term needs and goals require the advice of a professional.

A business attorney can help provide support during all stages of most business transactions, including drafting agreements, negotiating agreements, advice on financial arrangements and compliance with corporation laws and governmental laws. During any merger, transaction or acquisition, the proper execution and strategy should involve a lawyer experienced in business. Businesses can benefit greatly from an attorney knowledgeable in the field, one that is prepared to answer questions and provide consultation on such things as contract law and commercial litigation.

Source: The Daily Progress, "CBJ: What mergers mean for the banking industry and local communities", Nate Delesline III , December 09, 2013

No Comments

Leave a comment
Comment Information

DISCLAIMER: This website is designed to provide only general information; nothing contained herein constitutes legal advice nor is it an offer of legal representation. Use of this website is not intended in any way to create or convey the impression that such use of the website by any person, organization, or entity of any nature and/or kind constitutes any attorney-client relationship whatsoever and any information provided in this website shall not constitute legal advice. The use of any electronic communication available through this website with the Law Office of Richard L. Downey or any person associated with this website shall not constitute attorney-client relationship nor will any communication received by the Law Office of Richard L. Downey constitute an attorney-client communication. The Law Office of Richard L. Downey cannot make any guarantees as to the accuracy or currency of any information contained in or created in this website or the use of any link to another website contained in this website. The information that you obtain at this website is not, nor is it intended to be legal advice. You should consult a lawyer for individual advice concerning your own particular situation.

*The National Board of Trial Advocacy is accredited by the American Bar Association. Currently there is no procedure in the Commonwealth of Virginia for approving certifying organizations.