Boston, MA 06/11/2013 (wallstreetpr) – The share prices of Stellarone Corp. (NASDAQ:STEL) had surged by 16.59 percent to close at $18.90 per share for the end of last trading session on Monday. The shares of the company had been trading in the range of $17.57 to $19.43 per share during the day. With this recent surge in share prices, Stellarone Corp. (NASDAQ:STEL) had hit the new 52 week high price level of $19.43 per share and the 52 week low price level of the company is at $11.50 per share.
Acquisition by Union First Market
This surge in share prices of Stellarone Corp. (NASDAQ:STEL) is owed to the news on the company being acquired by Union First Market Bankshares Corp. which would thereby create the largest community bank in Virginia. This deal to be closed at $445.1 million would enable the Union First Market to set its footprint with branches in all the major markets of Virginia and will thereby have the fifth largest branch network in the region.
The merged company will retain the name of Union First Market and will have its headquarters at the present location of downtown Richmond. This acquisition deal is expected to be completed by January, 2014. The balance sheets of the combined company would thereby be powerful with $7.1 billion total assets, $5.8 billion deposits and $5.2 billion loans, which had been projected based on the financial results of the two companies on March 31, 2013.
Stellarone Corp. (NASDAQ:STEL) is currently offering the services of full service banks which include commercial and consumer loans, individual and commercial demand and time deposit accounts, residential mortgages, credit card services and deposit services. The bank holding company witnessed the trade of 693,601 shares on Monday over the announcement of its acquisition, while the average trading volume of Stellarone Corp. (NASDAQ:STEL) is at 41,407 shares per day.
