(Corrects paragraph 2 to say Union Bankshares' offer of 0.9354 was for each Xenith share, not Union share)
May 22 Union Bankshares Corp said on Monday it would acquire rival Xenith Bankshares Inc in an all-stock deal valued at $694.5 million, as the community lender looks to expand into North Carolina and Maryland.
Richmond, Virginia based-Union Bankshares' offer of 0.9354 shares for each Xenith share translates to $29.67 per share and is at a 10.4 percent premium to Xenith's Friday close of $26.87.
(Reporting by Sruthi Shankar in Bengaluru; Editing by Martina D'Couto)
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