RICHMOND, Va., Dec. 05, 2016 (GLOBE NEWSWIRE) -- Union Bankshares Corporation, the parent company of Union Bank & Trust announced the completion of its public offering of $150 million of its Fixed-to-Floating Rate Subordinated Notes due December 15, 2026 (the "Notes"). The Notes will initially bear a fixed interest rate of 5.00% per year.

The Notes were sold at par resulting in net proceeds, after discounts and estimated offering expenses, of approximately $148.0 million.

The Company intends to use the net proceeds of the offering to repay amounts outstanding under a line of credit, to contribute capital to its subsidiary bank, Union Bank & Trust, and for general corporate purposes.

Sandler O'Neill + Partners, L.P. acted as the sole book-running manager for the Notes offering.

About Union Bankshares Corporation

Headquartered in Richmond, Virginia, Union Bankshares Corporation (NASDAQ:UBSH) is the holding company for Union Bank & Trust, which has approximately 114 banking offices and approximately 190 ATMs located throughout Virginia. Non-bank affiliates of the holding company include: Union Mortgage Group, Inc., which provides a full line of mortgage products, Old Dominion Capital Management, Inc., which provides investment advisory services, and Union Insurance Group, LLC, which offers various lines of insurance products.