David West's questions to UNION BANKSHARES (UNB) leadership • Q4 2015
Question
David West asked for clarification on the net number of branch closings, inquired about the current M&A environment and the company's appetite for deals, and asked for an update on the OREO property in Fluvanna County.
Answer
CEO Bill Beale clarified the company is closing five branches but opening one new one, for a net reduction of four. Regarding M&A, he stated the environment hasn't changed much and that Union is not prepared to cross the $10 billion asset threshold, making it patient for smaller, strategic opportunities. He also noted there have been no write-downs on the Fluvanna County OREO property, as appraisals have not indicated a need, and its value is tied to the long-term recovery and expansion of the nearby Charlottesville market.