Access National Corporation (NASDAQ:ANCX) Files An 8-K Submission of Matters to a Vote of Security Holders

On January 15, 2019, Access National Corporation (the Company) held a special meeting of the Companys shareholders (the Special Meeting). There were 21,069,233 shares of the Companys common stock outstanding on the record date and entitled to vote at the Special Meeting, and 16,988,923 shares were represented in person or by proxy, which constituted a quorum to conduct business at the Special Meeting. The Companys shareholders voted on the following: (1) a proposal to approve the Agreement and Plan of Reorganization, dated as of October 4, 2018, as amended on December 7, 2018, between Union Bankshares Corporation (Union) and the Company, including the related plan of merger, to which, among other things, the Company will merge with and into Union (the Merger Proposal); (2) a proposal to approve, on a non-binding advisory vote, certain compensation that may become payable to the Companys named executive officers in connection with the merger (the Merger-Related Compensation Proposal); and (3) a proposal to adjourn the Special Meeting, if necessary or appropriate, to solicit additional votes in favor of the Merger Proposal (the Adjournment Proposal). The Companys shareholders approved the Merger Proposal and the Merger-Related Compensation Proposal. The Adjournment Proposal was deemed to not be necessary because the Companys shareholders approved the Merger Proposal.

The final voting results for each proposal were as follows:

On January 15, 2019, the Company and Union issued a joint press release announcing that shareholders of both the Company and Union, at separate special meetings, approved the merger of the Company with and into Union. The joint press release announcing these shareholder approvals is attached as Exhibit 99.1 and is incorporated herein by reference.

ACCESS NATIONAL CORP Exhibit
EX-99.1 2 a51926399ex99_1.htm EXHIBIT 99.1 Exhibit 99.1 Shareholders Approve Union Bankshares Corporation Acquisition of Access National Corporation Richmond,…
To view the full exhibit click here

About Access National Corporation (NASDAQ:ANCX)

Access National Corporation is a bank holding company. The Company operates through its subsidiary, Access National Bank (the Bank). The Bank provides credit, deposit, mortgage services and wealth management services to middle market commercial businesses and associated professionals, primarily in the Washington, District of Columbia Metropolitan Area. The Bank offers a range of financial services and products, and specializes in providing customized financial services to small and medium sized businesses, professionals and associated individuals. The Company operates through three segments: traditional commercial banking, mortgage banking and wealth management. Its commercial banking segment includes loans, investment securities and deposit services. Its mortgage banking segment includes mortgage loans held for sale, sales of loans in the secondary mortgage market and loan origination. Its wealth management segment includes portfolio asset management.