January 16, 2022

Volume XII, Number 16

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January 15, 2022

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January 14, 2022

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Banks to Settle Lawsuit Challenging Merger

Certain shareholders of Charlottesville-based Stellar One bank had filed a federal lawsuit in the Western District of Virginia challenging the merger between Stellar One and Union First Bankshares of Richmond.  The Richmond Times Dispatch reports today that the banks plan to settle the lawsuit, although the amount and terms of the settlement are unclear. 

The merger, which is valued at $445.1 million, is expected to close on January 1 and has received all regulatory approvals.  The surviving entity, Union First Market, would be one of the largest community banks in Virginia with $7.1 billion in assets.  Part of those assets (a very small part) is Stellar One's lien on my house.  Looks like I will have to change the payee on my mortgage payments next year

Copyright © 2022 Womble Bond Dickinson (US) LLP All Rights Reserved.National Law Review, Volume III, Number 326
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About this Author

Jason Hicks, Antitrust Attorney, Womble Carlyle, Government Contracting Lawyer
Partner

Jason Hicks is a member of the Firm's Antitrust, Distribution and Franchise Law Practice Group. Jason has experience litigating cases and counseling clients in a wide variety of matters involving federal and state antitrust laws, franchise and dealer protection statutes, unfair and deceptive trade practices, advertising laws and regulations, industry-specific trade regulations, contract disputes, business torts, and constitutional law. Jason's practice focuses on helping clients efficiently and effectively move their products through various levels of distribution by developing strategies...

202-857-4536
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