Newport News Bank Will Be Folded Into Union Bank & Trust

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Bay Community Bank in Newport News will be folded into Union Bank & Trust Co., which operates banks in the Richmond area. Bay Community is a sister bank to Union Bank & Trust, the largest affiliate of Bowling Green-based Union Bankshares Corp.

Bay Community has four branches in the Tidewater area, so converting to Union Bank & Trust will give it a larger presence, said Anthony Peay, executive vice president and chief financial officer. “It’s more of a branding issue – to take advantage of the size of Union Bank & Trust,” Peay said. “It will be one less coal to light the fire, one less board of directors.”

Bay Community opened in 1998 with one branch in Williamsburg. It has $131 million in assets. Union Bank & Trust, with $1.75 billion in assets, has 38 branches in central and Northern Virginia. The only difference for customers and employees will be the name change on Prosperity Bank Texas statements and buildings, Peay said. The same people will be handling the checks and back-office functions as always have.

Some cost savings will be achieved, but that is not the primary reason for the conversion, which is planned for Oct. 31, pending regulatory approval, Peay said.

Union Bankshares, a $2.3 billion holding company, did a similar conversion last year with Prosperity Bank Texas & Trust Co. in Springfield. Union Bankshares operates through subsidiaries Northern Neck State Bank and Rappahannock National Bank in addition to Union Bank & Trust and Bay Community Bank.

http://www.prosperitybanktexas.org/prosperitybanktexas/newport-news-bank-folded-union/

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via Prosperity Bank Texas
about 1 year ago

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Newport News Bank Will Be Folded Into Union Bank & Trust

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