Union Bankshares stockholders OK merger; deadline for election of merger consideration changed

By Lisa Kerner

Charlotte, N.C., Nov. 29 - Union Bankshares Co. stockholders voted to approve the company's merger with Camden National Corp. at a special meeting on Thursday.

Results showed that 74.75% of shareholders voted in favor of the merger, 1.36% voted against the deal and 23.89% abstained.

The proposed merger is expected to close in January, according to a company news release.

In addition, the deadline for the election of merger consideration has been extended to 5 p.m. ET on Dec. 26, from Dec. 20, due to the holidays.

It was previously reported that Camden National agreed to acquire Union Bankshares in a stock and cash transaction valued at $72.5 million. Union Bankshares shareholders can elect to receive $68 in cash or 1.9106 shares of Camden common stock for each share of Union Bankshares stock.

Camden National is a financial services holding company based in Camden, Maine.

Union Bankshares is a banking organization based in Bowling Green, Va.

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