First Market Bank planning layoffs ahead of merger

By Rachel DePompa - bio | email

RICHMOND, VA (WWBT) - First Market Bank is planning layoffs. The company told the state it plans to let go of 26 people at its operations center.

The positions are being eliminated as part of the bank's merger with Union Bankshares. The new bank will be called Union First Market Bankshares.

By the end of the merger the total number of layoffs will be 72.

A company spokesperson says the two banks each had operations centers that must now be combined.

First Market was previously majority owned by Ukrop's. It's operations center was located at the Ukrop's headquarters in west Richmond. That location will close in April.

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