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