This bank learned the hard way to ramp up M&A-related retention efforts
By Jackie Stewart
Published July 25 2017, 3∶37pm EDT
More in Community banking, Recruiting, M&A, Employee retention, Client retention, Virginia
Union Bankshares doesn’t want to repeat the mistakes of the past.
The $8.6 billion-asset parent of Union Bank & Trust, which endured employee attrition after its 2014 purchase of StellarOne Financial, has taken steps to improve the odds of keeping more people after its pending acquisition of Xenith Bankshares. Executives, since announcing the deal in May, have spent time on the road visiting employees. A video featuring the CEOs of both companies has also made the rounds in an effort to allay fears while promoting the merger’s long-term value.