Eastern Daylight Time today, October 5, Important Additional Information will be Filed with the SEC This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval with respect to the proposed acquisition by Union of Access.
Forward-looking statements include, without limitation, projections, predictions, expectations, or beliefs about future events or results and are not statements of historical fact. Accretion of purchase accounting adjustments for loans, time deposits and long-term debt added 13 basis points to the net interest margin in the third quarter, which was a decline of a 7 basis points from 20 basis points in the second quarter.
Her deep experience, leadership style and expertise in business banking, consumer banking, wealth management, mortgage, marketing and digital are an excellent complement to my own commercial banking background and she'll be a great partner in running the company.
Participants in the Solicitation Union, Access and their respective directors and certain of their executive officers and employees may be deemed to be participants in the solicitation of proxies from the shareholders of Union or Access in connection with the proposed transaction.
View source version on businesswire. As I indicated at the beginning of my comments, based on all that we know at this time, barring an unexpected uptick in pay-downs and our strong start to the fourth quarter, we expect loan growth for the fourth quarter to be in the upper single-digit range point-to-point, which would translate to a full year point-to-point loan growth on the higher end of mid-single digits.
As a result, many Virginia banking companies have begun testing the fintech waters with modest initial investments in online lending applications.
By using this IS which includes any device attached to this ISyou consent to the following conditions: During that session, we'll discuss our priorities and give you an update on our new 3-year strategic plan with updated financial targets.
Many online upstarts predicted their loan-making and pricing models soon would bury the traditional banking industry. We have assembled the right scale, the right markets, and the right team to deliver high performance and a franchise that can no longer be replicated in Virginia, with exciting opportunities awaiting us in North Carolina and Maryland.
View source version on businesswire. Most important, we continued to demonstrate discipline, focus and intensity in executing against our strategic priorities and building out our franchise that we firmly believe will deliver sustainable, long-term shareholder value.
Delivered improvements to our financial metrics when excluding merger-related costs and the impact of strategic actions we have taken. The current quarter's tax-equivalent net interest margin was 3. The financial institution is working closely with the university's exclusive athletics multimedia rightsholder, Learfield's Radford Sports Properties, to ensure brand visibility and benefits in other areas of its partnership in addition to the signature debit card component.
The economy in our footprint is steady and the leading indicators of credit quality within Union remain benign.
People have demonstrated they are not as price sensitive as you might think. The same is true to me -- pardon me, the same is true for me, as Maria and I knew one another when we were peers running business banking lines of business for super regionals, she at Citizens Bank in the Northeast, and me at Regions Bank in the Southeast.
Photo by Caroline Martin Technology firms that bankers once saw as rivals are now becoming business partners. I'll now detail some key topics from the quarter while trying not to duplicate too much of Rob's upcoming commentary. The quarterly 3 basis point net increase in earning asset yields to 4.
Access brings extensive commercial and industrial lending expertise as well as strong wealth management and trust businesses in addition to their attractive Middleburg Bank retail operation. Loan growth momentum is continuing month-to-date in October, pipelines are robust, and we're now in what is traditionally our strongest quarter of the year.
Communications using, or data stored on, this IS are not private, are subject to routine monitoring, interception, and search, and may be disclosed or used for any USG-authorized purpose. And the operating efficiency ratio improved to Such forward-looking statements are based on various assumptions as of the time they are made, and are inherently subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
We are targeting an operating return on assets in the range of 1. At the end of the call, we will take questions from the research analyst community. The companies expect to complete the transaction in the first quarter ofsubject to the satisfaction of customary closing conditions, including regulatory and shareholder approvals.
There can be no assurance that actual performance will not differ materially from any future results expressed or implied by these forward-looking statements.
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schmidt-grafikdesign.com About us. Headquartered in Richmond, Virginia, Union Bankshares Corporation (NASDAQ: UBSH) is the holding company for Union Bank & Trust, which has branches, 7 of which are operated as Xenith Bank, a division of Union Bank & Trust of Richmond, Virginia, and approximately ATMs located throughout Virginia and in portions of Maryland and North Carolina.
Although each of Union and Access believes that its expectations with respect to forward-looking statements are based upon reasonable assumptions within the bounds of its existing knowledge of its business and operations, there can be no assurance that actual results, performance, or achievements of Union or Access will not differ materially.
Thanksgiving Holiday: County Offices CLOSED noon Wed 11/21/18, CLOSED Thurs & Fri 11//23; Convenience Ctrs & Livingston Landfill CLOSED Thurs, 11/22; County Parks OPEN but unstaffed, restrooms closed Thurs, 11/ DCCU is a community credit union serving the Central Shenandoah Valley of Virginia.
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