CHARLOTTESVILLE, Va., Jan. 18, 2011 (GLOBE NEWSWIRE) -- StellarOne Corporation (Nasdaq:STEL) today announced that its banking subsidiary, StellarOne Bank, has entered into a purchase agreement for the deposits of the Essex Bank branch located at 744 North Lee Highway in Lexington, Virginia.
StellarOne Corporation is based in Charlottesville, Virginia and is the bank holding company for StellarOne Bank. Essex Bank is the wholly owned subsidiary of Community Bankers Trust Corporation, based in Glen Allen, Virginia.
StellarOne Bank will acquire deposits of approximately $12 million from Essex Bank. Essex Bank will close the branch in conjunction with the sale, and customers will be serviced at StellarOne Bank's branch at 1197 North Lee Highway, Lexington, Virginia. StellarOne Bank will not be purchasing loans or real estate associated with this transaction.
"This in-market branch acquisition provides us a stronger market position in Lexington," said Joshua M. Gehring, Senior Executive Vice President and Director of Retail Banking for StellarOne Bank. "We will add over 400 households to our existing customer base and improve our market share in this good legacy market."
The purchase is subject to customary closing conditions, including regulatory approvals, and is expected to be completed in April.
About StellarOne Corporation
StellarOne Corporation is a traditional community bank, offering a full range of business and consumer banking services, including trust and asset management services. The Corporation's sole banking affiliate, StellarOne Bank, operates 56 full-service financial centers, one loan production office, and 66 ATMs serving the New River Valley, Roanoke Valley, Shenandoah Valley, and Central and North Central Virginia.
CONTACT: Jeffrey W. Farrar, Executive Vice President and Chief Financial Officer of StellarOne Corporation (434) 964-2217 JFarrar@StellarOne.com
