Banking: US banks complete integration - 17 years after first joining up
Union First Market Bankshares Corporation, the holding company for Union First Market Bank, yesterday announced it has completed the integration of Rappahannock National Bank and Northern Neck State Bank into Union First Market Bank. But the integration has not been quick.
"With the integration complete, our customers have access to 92 branches and more than 170 ATMs across Virginia, making us the largest community bank serving the Commonwealth," said G. William Beale, chief executive officer of Union First Market Bankshares. "We're pleased to be able to offer new products and services as well as extended telephone support hours to our customers previously served by Rappahannock National Bank and Northern Neck State Bank. Those two banks served the banking needs of their communities for more than 100 years and have been a part of our organisation since 1996 and 1993, respectively. The same personnel and locations will continue to help customers find financial solutions as we serve them at Union First Market Bank."
Hang on....
"a part of our organisation since 1996 and 1993 respectively." Huh?
In these days of forced takeovers as FDIC closes small banks with alacrity, integration is often taking a matter of six or seven months. For sure, there are often loose ends, such as historical records maintained on a previous IT system but services and products are often in place within days.
Download PDF version of this page