Site Visit to Union Bankshares Corp (Union Bank)
7/31/17: We had a great site visit with John Asbury, Robert Gorman and Bill Cimino. Highlights included learning that Union Bank has never experienced an annual loss in their entire 100+ year history. We also learned about the difference between a NOVA bank and a ROVA bank. Those outside of the capital beltway will appreciate learning that Union sees itself as a regional bank for the "Rest Of Virginia." Union's recent merger with Xenith Bank expands this service footprint into the Hampton Roads and Virginia Beach.
With the loss of community banks over several decades, it was quite appealing to hear John Asbury call Union a "Virginia bank run by Virginians".
We also learned that Union is hiring community development bankers to deepen its investment into lower-income communities. Asbury also shared that a second Insight Survey results shows improvement in employee engagement from same survey taken two years prior.