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Union Bankshares (NYSE: UBSH) | Company Profile, History, Competitors

 

Union Bankshares (NYSE: UBSH) is a financial services company with key operations in Virginia. As of 2017, it has 1,419 employees and 141 full service banking locations across Virginia's major markets. It was founded in 1902 and headquartered in Richmond, VA.

UBSH is the largest community bank headquartered in Virginia. It provides an alternative for middle market clients to the large banks in Virginia. Its strategy is focused on growing its commercial banking business with a focus on commercial & industrial loans.

History

In 1993, Union Bankshares was formed as part of the merger of Northern Neck Bankshares and Union Bancorp. In 2018, it acquired Xenith Bankshares and is now the largest community banking company headquartered in Virginia.

Management

John C. Asbury (CEO): John Asbury serves as CEO since 2017. Prior, he served as CEO of First National Bank of Santa Fe, Head of Business Services at Regions Bank and SVP at Bank of America.

Robert M. Gorman (CFO): Robert Gorman serves as CFO since 2012. Prior, he was Director of Corporate Support Services and Strategic Financial Officer at SunTrust.

Financials

 $ USD in millions     2013     2014  2015  2016  2017
 Book Value  $438 
$977 
$995 
$1,001 
$1,046 
 Net Interest Margin %  4.15%  5.08%  3.88%
 3.80%  3.61%
 Net Charge-Off Rate %  0.35% 0.13%
0.14%
0.09%
0.15%
 Loan/Deposit Ratio %  96% 96%
96%
99%
103%






 Revenues $190 
$316 
$317 
$336 
$352 
 Net Interest Income  $152 
$255 
 $252 
 $265 
 $280 
 Net Income $35 
$52 
$67 
 $78 
 $73 
 EPS $1.38 
$1.13 
$1.49 
$1.77 
$1.67 

Loan Portfolio (2017)

 Type  Amount ($bn)  %
 Commercial, Financial and Agricultural
 $7.8  60%
 Residential Real Estate
 $3.0  23%
 Construction & Land Development
 $1.5  12%
 Consumer  $0.7  5%
 Total  $13.0  100%

Deposit Portfolio (2017)

 Type  Amount ($bn)  %
 Demand Deposits
 $4.3  31%
 Interest-Bearing Checking
 $2.2  16%
 Regular Savings
 $1.0  7%
 Money Market Accounts
 $3.8  27%
 Time Deposits Under $100,000
 $0.8  6%
 Time Deposits Above $100,000
 $1.8  13%
 Total  $13.8  100%

Branches (2017)

 Region  Location
 West Virginia
51 
 Shenandoah Valley
 86 
 Southwestern Pennsylvania
 4 
 Southeastern Ohio
 1 
 Total  142