Union Bankshares Corporation and Xenith Bankshares, Inc. jointly announced that they have entered into a definitive merger agreement for Union to acquire Xenith in an all-stock transaction. Combining the two organizations will create the preeminent community banking franchise in Virginia and expand Union’s retail footprint into North Carolina and Maryland. Based on financial data as of March 31, 2017, the combined company would have total assets of $11.9bn, total deposits of $9.2bn and gross loans of $8.9bn.