M&A Deal Summary

Atlantic Union Bank Acquires Xenith Bankshares

On October 26, 2017, Atlantic Union Bank acquired financial services company Xenith Bankshares from Hampton Roads Bankshares

Acquisition Highlights
  • This is Atlantic Union Bank’s 2nd transaction in the Financial Services sector.
  • This is Atlantic Union Bank’s 2nd transaction in the United States.
  • This is Atlantic Union Bank’s 1st transaction in Virginia.

M&A Deal Summary
Date 2017-10-26
Target Xenith Bankshares
Sector Financial Services
Buyer(s) Atlantic Union Bank
Sellers(s) Hampton Roads Bankshares
Deal Type Divestiture

Target

Xenith Bankshares

Richmond, Virginia, United States
Xenith Bankshares, Inc. through its wholly-owned subsidiary, Xenith Bank, provides business-focused banking services to customers in the Richmond and Hampton Roads, Virginia and Greater Washington, D.C. markets. Headquartered in Richmond, it has assets of approximately $1.0 billion. Xenith Bank has eight locations in Herndon, Richmond, Suffolk and Gloucester, Virginia and one loan production office in Newport News, Virginia.

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Buyer(S) 1

Buyer

Atlantic Union Bank

Glen Allen, Virginia, United States
Category Company
Founded 1902
Sector Financial Services
Employees1,745
Revenue 696M USD (2023)
DESCRIPTION

Atlantic Union Bank is the holding company for Atlantic Union Bank, which operates 149 branches and approximately 170 ATMs across Virginia, as well as parts of Maryland and North Carolina. Atlantic Union Bank was incorporated in 1902 and is based in Richmond, Virginia.

DEAL STATS #
Overall 2 of 4
Sector (Financial Services) 2 of 4
Type (Divestiture) 1 of 1
State (Virginia) 1 of 3
Country (United States) 2 of 4
Year (2017) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-01-01 StellarOne

Charlottesville, Vermont, United States

StellarOne Corp. provides financial services in US.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-10-05 Access National

Reston, Virginia, United States

Access National Corp. is a commercial bank serving middle market businesses and associated professionals throughout the Washington D.C. region. Access National Bank’s core services include commercial credit, deposit, investment, cash management, private banking and real estate finance. Access National Bank also has subsidiaries that provide wealth management, retirement planning and securities brokerage.

Buy $610M

Seller(S) 1

SELLER

Hampton Roads Bankshares

Virginia Beach, Virginia, United States
Category Company
Founded 1961
Sector Financial Services
Employees510
Revenue 106M USD (2015)
DESCRIPTION

Hampton Roads Bankshares, Inc. operates as the bank holding company for Bank of Hampton Roads (BOHR) and Shore Bank that provide community and commercial banking services primarily to individuals and small to medium-sized businesses.

DEAL STATS #
Overall 1 of 1
Sector (Financial Services) 1 of 1
Type (Divestiture) 1 of 1
State (Virginia) 1 of 1
Country (United States) 1 of 1
Year (2017) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-02-10 Xenith Bankshares

Richmond, Virginia, United States

Xenith Bankshares, Inc. through its wholly-owned subsidiary, Xenith Bank, provides business-focused banking services to customers in the Richmond and Hampton Roads, Virginia and Greater Washington, D.C. markets. Headquartered in Richmond, it has assets of approximately $1.0 billion. Xenith Bank has eight locations in Herndon, Richmond, Suffolk and Gloucester, Virginia and one loan production office in Newport News, Virginia.

Buy $107M
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