CHARLOTTESVILLE, Va., July 16, 2010 (GLOBE NEWSWIRE) -- StellarOne Corporation (Nasdaq:STEL) (StellarOne) today announced it has appointed Michael D. Williams as Director of Wealth Management for StellarOne Bank and, in conjunction, has established a wealth management office in Richmond, Virginia. Mr. Williams joins the bank with over twenty years of relevant wealth management experience, most recently serving as President of the Wealth Management Division of Union First Market Bankshares Corporation.
"Michael brings a diverse and client-focused background to our company that is consistent with our culture and vision for this line of business. His sales and leadership abilities as demonstrated by the enormous success of the wealth management division of former First Market Bank in Richmond will, in our view, take what is already a successful wealth management line of business and leverage it for greater success and earnings contribution," said O. R. Barham, Jr., President and Chief Executive Officer.
StellarOne's wealth management division, with the addition of the new Richmond office, will have six offices including Fredericksburg, Culpeper, Staunton, Harrisonburg, and Christiansburg. The division has approximately $655 million in assets under management. The Richmond office will be located at 3900 Westerre Parkway.
About StellarOne
StellarOne Corporation is a traditional community bank, offering a full range of business and consumer banking services, including trust and wealth management services. Its sole banking subsidiary, StellarOne Bank, operates 56 full-service financial centers, one loan production office, and 66 ATMs serving the New River Valley, Roanoke Valley, Shenandoah Valley, and Central and North Central Virginia.
Forward-Looking Statements
In addition to historical information, this press release contains forward-looking statements. The forward-looking statements are subject to certain risks and uncertainties, which could cause actual results to differ materially from historical results, or those anticipated. When we use words such as "believes," "expects," "anticipates" or similar expressions, we are making forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management's analysis only as of the date thereof. StellarOne wishes to caution the reader that factors, such as those listed below, in some cases have affected and could affect StellarOne's actual results, causing actual results to differ materially from those in any forward-looking statement. These factors include: (i) expected cost savings from StellarOne's acquisitions and dispositions, (ii) competitive pressure in the banking industry or in StellarOne's markets may increase significantly, (iii) changes in the interest rate environment may reduce margins, (iv) general economic conditions, either nationally or regionally, may be less favorable than expected, resulting in, among other things, credit quality deterioration, (v) changes may occur in banking legislation and regulation, (vi) changes may occur in general business conditions, (vii) changes may occur in the securities markets, and (viii) the impact of governmental restrictions on entities participating in the U.S. Treasury Department Capital Purchase Program. Please refer to StellarOne's filings with the Securities and Exchange Commission for additional information, which may be accessed at www.StellarOne.com under "Investor Relations."