Access National, the parent of Access National Bank, and Virginia-based Middleburg Financial have agreed to merge their operations.
The combined entity, known as Access National Corporation, will have $2.7bn in total assets, $2.2bn in deposits, $1.8bn in gross loans, and $2.5bn in assets under management.
Access National said that the new company will use the independent and collective strengths of its operating brands to maximize retention of current clients and leverage growth opportunities.
“Furthermore, it will leverage complementary strengths to deliver comprehensive set of products and services focused on commercial and consumer depository services; commercial, professional and consumer loan products; wealth management and mortgage banking,” Access National said in a statement.
Access National CEO Michael Clarke: “This merger enables the combined company to benefit from the financial strength and efficiencies of scale while preserving the independence and local ownership valued by the most coveted clientele.
“This merger is consistent with Access National’s strategic objectives of expanding and diversifying its core funding base, strengthening the magnitude, diversity and reliability of value-added fee income, and achieving a scale that mitigates increased regulatory and compliance complexities.”
Middleburg chairman John Lee IV said: “As we cultivated this idea with the leadership of Access National, it has been reassuring to learn how much they too embrace the banking traditions of working with clients as a trusted advisor first and foremost.
“We all agree on the power of our respective operating brands, and with Gary Shook’s continued focus on Middleburg Bank and the communities it serves we expect little customer disruption. Further, we look forward to jointly shaping the delivery of the best client and community value proposition.”
Middleburg board chairman John Lee will serve as chairman of the combined board of directors, while Access National Chairman Mike Anzilotti will act as vice chairman.