Union Bankshares to buy Richmond-based First Market

Union Bankshares Corp., whose mortgage subsidiary has offices in Virginia Beach, said it will buy First Market Bank, a Richmond-based thrift owned by Ukrop's Super Markets Inc. and Markel Corp., a property-and-casualty insurer.

Union said it will pay $105.4 million in stock for First Market and move Union's headquarters from Bowling Green to Richmond. Union will have 97 bank branches and assets of $3.9 billion after the merger.

Established in 1997, First Market has 39 branches, including 26 in Ukrop's grocery stores. Union, which is issuing 6.7 million shares as part of the transaction, said it expects the deal to add to its per-share earnings in 2010.