Virginia Financial Group and FNB Corporation complete merger
StellarOne Corporation has announced it has completed the merger of equals between Virginia Financial Group, Inc. (VFG) and FNB Corporation (FNB). Along with completing the merger of equals, the combined companies have adopted the StellarOne Corporation name, and the new company will begin trading today on the NASDAQ Global Select Market under its new symbol STEL.
StellarOne Corporation’s new corporate headquarters is now based in Charlottesville, Virginia. In addition, the combined bank will be called StellarOne Bank, operating as StellarOne, when the company’s three subsidiary banks are consolidated into a single subsidiary bank in late May of this year. StellarOne, which will be based in Christiansburg, Virginia, will be the largest independent commercial bank headquartered in Virginia, with total assets of more than $3 billion and total deposits exceeding $2.3 billion. When the subsidiary banks are consolidated, StellarOne customers will be able to conduct their banking business at 64 full-service branches located in contiguous markets stretching from the New River Valley up through the Shenandoah Valley and into central and north central Virginia.
“We are extremely gratified by the patience and support of our shareholders, customers, and employees during this period of transition that began with our announcement to join forces last July,” commented O. R. (Ed) Barham, Jr., President and Chief Executive Officer of StellarOne Corporation. “Our merger of equals will allow us to reap the rewards of enhanced operational efficiencies largely due to economies of scale, improved product and service offerings, and strong human capital, all critical components in the execution of our strategic business plan,” continued Barham.
– www.theasianbanker.com (February 29 2008)–