EX-99.2 3 dex992.htm EXHIBIT 99.2 EXHIBIT 99.2
Investor Presentation
July 2009
Exhibit 99.2

2
Forward Looking Information
Certain
statements
in
this
report
may
constitute
“forward-looking
statements”
within
the
meaning
of the
Private Securities Litigation Reform Act of 1995.  Forward-looking statements are statements that include
projections, predictions, expectations or beliefs about future events or results or otherwise and are not
statements of historical fact.  Such statements are often characterized by the use of qualified words (and
their
derivatives)
such
as
“expect,”
“believe,”
“estimate,”
“plan,”
“project,”
“anticipate”
or
other
statements
concerning opinions or judgment of the Company and its management about future events.  Although the
Company believes that its expectations with respect to forward-looking statements are based upon
reasonable assumptions within the bounds of its existing knowledge of its business and operations, there
can be no assurance that actual results, performance or achievements of the Company will not differ
materially from any future results, performance or achievements expressed or implied by such forward-
looking
statements.
Actual
future
results
and
trends
may
differ
materially
from
historical
results
or
those
anticipated depending on a variety of factors, including, but not limited to, the effects of and changes in:
general economic conditions, the interest rate environment, legislative and regulatory requirements,
competitive pressures, new products and delivery systems, inflation, changes in the stock and bond markets,
technology, and consumer spending and savings habits.  The Company does not update any forward-
looking statements that may be made from time to time by or on behalf of the Company.

3
Overview
One of the Largest Virginia-Based
Financial Services Organization
Holding Company formed in 1993
Assets of $2.6 Billion
Comprehensive financial services
provider offering: banking,
mortgage, investment, brokerage
and insurance
Proven merger integrator

4
“Helping People Find
Financial Solutions”
Purpose Statement

5
Values
Customer Focus
Knowledge
Integrity & Trust
Respect
Partnership

6
Virginia Population Expansion
Source: Weldon Cooper Center, UVA

7
Experienced Leadership
Varied Backgrounds
Experienced Market Disruptions
Problem solvers
Gray Hair

8
Experienced Management Team
488
27
10
53
Senior Leadership Team (18)
(includes Exec Mgmt Team)
Average
144
29
13
54
Executive Management Team (5)
Average
Total Years
in Banking
Yrs
in
Pos
Age

Financials

10
$1,264,841
$1,362,254
$1,549,445
$1,747,820
$1,874,088
$1,871,506
$0
$400,000
$800,000
$1,200,000
$1,600,000
$2,000,000
$2,400,000
2004
2005
2006
2007
2008
2009 Q2
Strong Balance Sheet Growth
$1,672,210
$1,824,958
$2,092,891
$2,301,397
$2,551,932
$2,615,447
$0
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
$3,000,000
2004
2005
2006
2007
2008
2009 Q2
$1,314,317
$1,456,515
$1,665,908
$1,659,578
$1,926,999
$1,997,364
$0
$400,000
$800,000
$1,200,000
$1,600,000
$2,000,000
$2,400,000
2004
2005
2006
2007
2008
2009 Q2
CAGRs
from year ended 2004-2008
Assets ($M)
Deposits ($M)
Loans ($M)
CAGR = 11.15%
CAGR = 10.04%
CAGR = 10.33%

11
Loan Composition Q2 2009
1-4 Family Loans 15.64%
Second Mortgages 1.95%
Commercial RE Loans
29.82%
Other Loans 2.17%
Commercial Loans 7.71%
Credit Card Loans 0.77%
Other Consumer Loans
8.83%
Home Equity Loans 10.46%
Construction Loans 22.66%

12
Commercial Real Estate
Commercial Real Estate Portfolio by Type
Small Mixed Use Building, 3.9%
Multi Family, 6.8%
Retail, 14.3%
Office, 7.1%
Office Warehouse, 9.9%
Hotel, Motel, B&B, 5.8%
Special Use, 6.2%
Other, 2.0%
Owner-Occupied
Commercial RE, 44.1%
Q2 2009

13
Construction & Land Development
Q2 2009
Construction, Land Development, and Other Land Loans by Type
Raw Land, 20.4%
Consumer
Construction, 3.9%
Other,
2.8%
Land Development /
Commercial Lots, 18.8%
Construction Loans to
Builders, 13.6%
Residential
Builder Lots, 10.4%
Residential
Non-Builder Lots, 8.1%
Commercial
Construction, 21.9%

14
1.30%
-0.06%
0.19%
1.26%
0.03%
0.09%
1.24%
0.01%
0.10%
1.11%
0.03%
0.06%
1.36%
0.21%
0.55%
1.58%
0.63%
0.86%
-0.20%
0.00%
0.20%
0.40%
0.60%
0.80%
1.00%
1.20%
1.40%
1.60%
2004
2005
2006
2007
2008
2009 Q2
Allowance to Loans
Charge-offs to Avg Loans, Net
Provision for loan losses as % of average loans
Asset Quality
Annualized

15
Asset Quality
$0
$6,000
$12,000
$18,000
$24,000
$30,000
$36,000
$42,000
$48,000
$54,000
$60,000
2003
2004
2005
2006
2007
2008
2009 Q2
Allowance for Loan Losses
Nonperforming assets

16
NPA’s
by Type
Q2 2009
NPAs
by Type
Commercial, 7.3%
Commercial Non Owner-
Occupied, 15.3%
Commercial Owner-Occupied,
0.6%
Construction and Land
Development, 43.4%
Consumer, 3.3%
OREO, 26.2%
OREO / Real Estate
Investment, 1.9%
Other, 2.1%

17
NPA’s
by Market
NPAs by Market
Charlottesville, 7.3%
Richmond, 14.0%
Fredericksburg, 22.9%
Northern Neck, 24.7%
Hampton Roads, 0.6%
Rappahannock, 25.0%
Northern Virginia, 5.5%
Other, 0.0%
Q2 2009

18
Asset Quality vs. VA Peers

19
Delinquency
Source: SNL 2009 Q1
UBSH
Peer Median
NCLs/Lns: Tot Real Estate Lns (%)
2.22%
3.77%
NCLs/Lns: Const&Dev Lns (%)
5.00%
10.17%
NCLs/Lns: Rev 1-4 Fm Lns (%)
0.60%
0.53%
NCLs/Lns: Clsd-end 1-4 Fm Lns (%)
1.08%
1.80%
NCLs/Lns: Total 1-4 Fm Lns (%)
0.92%
1.46%
NCLs/Lns: Multifamily Lns (%)
0.00%
3.42%
NCLs/Lns: Farm Lns (%)
0.85%
1.57%
NCLs/Lns: Cmcl RE (Nofm/NoRes) (%)
1.70%
1.36%
NCLs/Lns: Cmcl RE & Farm Lns (%)
1.66%
1.27%
NCLs/Lns: Multifm,Cmcl RE,& Fm (%)
1.56%
1.43%
NCLs/Lns: Cred Card Loans (%)
1.38%
0.53%
Total Noncurrent Loans/ Loans (%)
2.04%
3.21%
Total Noncurrent Loans/ Assets (%)
1.49%
2.37%

20
Loan/Deposit Growth
$0
$200,000
$400,000
$600,000
$800,000
$1,000,000
$1,200,000
$1,400,000
$1,600,000
$1,800,000
$2,000,000
2004
2005
2006
2007
2008
2009 Q2
Loans
Deposits

21
Deposit Composition
0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
30.00%
DDA
NOW
MMDA
Savings
CD<100K
CD>100K
2007
2008
2009 Q2

22
Net Interest Margin
0.00%
0.50%
1.00%
1.50%
2.00%
2.50%
3.00%
3.50%
4.00%
4.50%
5.00%

23
Net
Income
-
Quarterly
$5,148
$5,641
$5,357
$3,610
$3,652
$4,333
$4,255
$2,274
$1,753
$953
$0
$1,000
$2,000
$3,000
$4,000
$5,000
$6,000
2007 Q1
2007 Q2
2007 Q3
2007 Q4
2008 Q1
2008 Q2
2008 Q3
2008 Q4
2009 Q1
2009 Q2

24
Non-Interest
Expense
less
Non-Interest
Income/Average
Assets
1.86%
1.89%
1.97%
2.24%
2.06%
2.01%
0.00%
0.50%
1.00%
1.50%
2.00%
2.50%
3.00%
2004
2005
2006
2007
2008
2009 Q2
Net
Noninterest
Expense/AA

25
Capital
11.63%
12.14%
12.78%
11.67%
14.56%
14.43%
7.48%
7.82%
6.75%
6.45%
6.09%
6.03%
0.00%
2.00%
4.00%
6.00%
8.00%
10.00%
12.00%
14.00%
16.00%
2004
2005
2006
2007
2008
2009 Q1
Tier 1 risk-based capital ratio
Total risk-based capital
Tier 1 capital to average adjusted total assets
Tangible Equity/Tangible Assets

26
Stock at a Glance
Shares Outstanding
13,595,004
52 Week Trading Range
$9.00 - $29.20
Stock Price (7/23/09)
$15.95
Market Cap (7/23/09)
$216.84M
Tangible Book Value Per Share
$11.25
P/E (trailing 12 Months)
18.33

Merger Update

&
Creating Richmond and
Central Virginia’s Bank of
Choice

29
Pro
Forma
Franchise
Merger Highlights
Pro forma Company becomes the largest
community bank in Virginia
$4.0 billion in assets Mid-Atlantic
franchise with strong presence in high
growth Virginia markets
Moves UBSH from 11
th
to 6
th
in deposit
market
share
in
Virginia;
from
8
th
to
5
th
in
the Richmond MSA
Exceptional management with highly
regarded Board
Complementary strengths and
identifiable synergies
Accretive to earnings in 2010
Pro Forma Footprint
Union Bankshares Corporation (58 Branches)
First Market Bank, FSB (39 Branches)

30
Pro Forma Deposit Market Share
Virginia Market Share
Richmond MSA Market Share
Source: SNL Financial
Deposit
data
as
of
6/30/2008;
pro
forma
for
pending
and
recently
completed
acquisitions
Total
Total
Deposits
Market
Branch
in Market
Share
Rank
Institution
Count
($000)
(%)
1
Wells Fargo & Co. (CA)
299
25,887,623
18.06
2
BB&T Corp. (NC)
396
19,751,974
13.78
3
Bank of America Corp. (NC)
213
18,270,437
12.75
4
Capital One Financial Corp. (VA)
95
17,407,071
12.14
5
SunTrust Banks Inc. (GA)
249
14,208,406
9.91
Pro Forma
97
2,883,704
2.01
6
StellarOne
Corp. (VA)
66
2,427,374
1.69
7
Carter Bank & Trust (VA)
89
2,269,885
1.58
8
Virginia Commerce Bancorp Inc. (VA)
27
2,100,405
1.47
9
TowneBank
(VA)
22
1,990,788
1.39
10
United Bankshares Inc. (WV)
45
1,889,176
1.32
11
Union Bankshares Corp. (VA)
58
1,791,798
1.25
12
PNC Financial Services Group (PA)
104
1,779,437
1.24
13
Hampton Roads Bankshares Inc. (VA)
44
1,352,045
0.94
14
Burke & Herbert Bank & Trust (VA)
20
1,194,302
0.83
15
First Market Bank, FSB (VA)
39
1,091,906
0.76
Top 10
1,501
106,203,139
74.09
Totals
2,750
143,340,900
100.00
Total
Total
Deposits
Market
Branch
in Market
Share
Rank
Institution
Count
($000)
(%)
1
Bank of America Corp. (NC)
34
7,516,564
28.99
2
Wells Fargo & Co. (CA)
66
6,197,746
23.90
3
BB&T Corp. (NC)
47
2,986,091
11.52
4
SunTrust Banks Inc. (GA)
46
2,883,220
11.12
Pro Forma
47
1,484,446
5.73
5
First Market Bank, FSB (VA)
31
989,981
3.82
6
Franklin Financial Corporation (VA)
7
621,707
2.40
7
Eastern Virginia Bankshares (VA)
19
604,244
2.33
8
Union Bankshares Corp. (VA)
16
494,465
1.91
9
Village Bank & Trust Finl
Corp (VA)
15
448,013
1.73
10
C&F Financial Corp. (VA)
11
379,226
1.46
11
Central Virginia Bankshares (VA)
8
367,085
1.42
12
Community Bankers Trust Corp (VA)
8
361,426
1.39
13
Bk
of Southside Virginia Corp. (VA)
9
305,951
1.18
14
Hampton Roads Bankshares Inc. (VA)
5
254,457
0.98
15
Virginia BanCorp
Inc. (VA)
7
243,007
0.94
Top 10
292
23,121,257
89.17
Totals
384
25,929,088
100.00

31
Chairman:
Ronald L. Hicks (UBSH)
Chief Executive Officer:G. William Beale (UBSH)
President:
David J. Fairchild (FMB)
Chief Financial Officer:
D. Anthony Peay (UBSH)
Chief Banking Officer:
John C. Neal (UBSH)
* Depends on regulatory, SEC and shareholder approval
Transaction Overview
Name:
Union First Market
Bankshares Corporation
Headquarters:
Richmond, VA
Board:
Existing UBSH Board plus:
James E. Ukrop
Steven A. Markel
David J. Fairchild
Leadership:
Targeted Closing Date: *
Early
4th
Quarter
of
2009
Corporate Structure
Pro Forma Overview

32
th
Transaction Detail
Consideration:
(1)
100% Common Stock
Preferred Shares:
First Market’s outstanding $10.0 million 9.0% preferred shares will be converted
into common equity
Shares to be Issued:
Common Shareholders:
6.7 million shares
Preferred Shareholders:
703 thousand shares
(2)
Pre-Conversion
Post-Conversion
Pro Forma Ownership:
of Preferred
of Preferred
Current Union Shareholders:
67.0%
64.8%                          
Current First Market Shareholders:
33.0
35.2
Value
of
First
Market
Shares:
$105.4
million
(Assumes
$14.23
stock
price
for
UBSH
(2)
)
Cost Savings:
(3)
Approximately 9.0% of the combined expense base
Phase In:
100% in 2010
Estimated Deal Charges
$8.0 million after-tax
(1)  Capital Purchase Program / Troubled Asset Relief Program funds were not used in this transaction
(2)  Estimated
conversion
shares
and
deal
value
as
of
pre-market
announcement
on
March
30
,
2009;
actual shares issued in preferred conversion are based on the 10-day average trading price near close (as defined in the Merger Agreement), provided that it shall not be more     
than $16.89 nor less than $12.89
(3) To include costs associated with overlapping branches and other duplicative
functions, managed through normal attrition and retirement as much as possible

33
Comparable Acquisitions
118
161
50
100
150
200
250
UBSH / First Market
Comparable
Transactions
1.7
13.8
0.0
10.0
20.0
30.0
40.0
UBSH / First Market
Comparable
Transactions
Price
/
Tangible
Book
Value
(1)
(%)
Core
Deposit
Premium
(2)
(%)
Source: SNL Financial and company filings
Comparable transactions do not include merger of equals
(1) Based on First Market’s tangible equity of $89.4 million as of 12/31/2008
(2) Core deposits include total deposits less jumbo certificates of deposits
Comparable transactions include all bank and thrift transactions in Maryland, Virginia and North Carolina
announced after 7/1/2007 with deal values between $20 million and $500 million

34
Virginia’s
11
largest
community bank
–
Assets: $1.3 billion
–
Gross Loans: $1.0 billion
–
Deposits: $1.1 billion
–
Tangible Common Equity: $79.4 million
Successful partnership with Ukrop’s Super Markets, Inc.
39 branches
–
13 traditional branches
–
26 supermarket branches
Comprehensive financial services provider
–
Banking
–
Mortgage
–
Investment
–
Brokerage
–
Trust
–
Insurance
First Market Overview
Deposits Over Time ($mm)
First Market Overview
Consumer
Deposits
75.0%
Business
Deposits
25.0%
$510
$634
$815
$875
$916
$1,011
$1,095
$1,047
$1,128
$400
$650
$900
$1,150
$1,400
2000
2001
2002
2003
2004
2005
2006
2007
2008
th

35
Supermarket Relationship
•
Successful supermarket partnership generates retail customer relationships
Median Aggregate Deposits of In-Store Locations ($MM)
In-Store Locations Open 5+ Years*
In-Store locations
generate over 75%
of retail deposit
accounts
$30.7
$2.9
$4.7
$6.3
$7.4
$9.7
$30.1
$29.7
$14.1
$20.0
$25.0
$29.5
$8.6
$10.0
$12.1
$11.3
$0.0
$5.0
$10.0
$15.0
$20.0
$25.0
$30.0
$35.0
1
2
3
4
5
6
7
8
First Market
Comparable Locations
Years Open
Branch Deposit
Median
Size Range
Deposits
Quartile
($MM)
($MM)
1
$21.0 -
$114.3
$28.6
2
$12.9 -
$21.0
$16.5
3
$7.2 -
$12.9
$9.9
4
$1.0 -
$7.2
$4.3
First Market
$15.3
-
$40.3
$25.5
Source: SNL Financial
“Comparable  locations”  include 71 full-service  branches in high-end grocery stores
Medians calculated at June 30 each year
First Market deposit range and current deposits as of 12/31/08
*Includes 4,040 in-store locations in the U.S. open over 5 years

36
•
Performed extensive due diligence
–
Financial and legal due diligence
–
Credit due diligence conducted by
management and third party loan review
specialists
•
Reviewed all non-performing,
substandard and watch-list loans in
excess of $250 thousand
•
Reviewed 66% of commercial real estate
loans
•
Determined potential losses under stress
scenarios
•
Interviewed key personnel
•
Modeled using estimated fair market
value adjustment of 2.5% of gross loans
•
Current loan loss reserve equals
1.30%
Due Diligence
Due Diligence Process
Asset Quality
0.30
0.30
0.59
0.26
0.25
0.12
0.37
0.15
1.59
0.25
0.00
0.50
1.00
1.50
2.00
2004
2005
2006
2007
2008
NPAs / Loans + OREO
Peer Group
(1)
First Market
0.06
0.02
0.12
0.25
0.08
0.06
0.02
0.05
0.25
0.01
0.00
0.10
0.20
0.30
0.40
2004
2005
2006
2007
2008
Net Charge-offs / Avg. Loans
(%)
(%)
Source: SNL Financial
(1) Peer group includes select banks and thrifts headquartered in Virginia with
assets between $1.0 billion and $5.0 billion

37
             Leverage Ratio (%)
                                      Total Capital Ratio (%)
13.83
13.56
12.67
11.00
12.00
13.00
14.00
15.00
UBSH Stand
Alone
First Market
Stand Alone
Pro Forma
5.98
5.97
5.65
3.00
4.00
5.00
6.00
7.00
UBSH Stand
Alone
First Market
Stand Alone
Pro Forma
10.87
9.23
9.71
8.00
9.00
10.00
11.00
12.00
UBSH Stand
Alone
First Market
Stand Alone
Pro Forma
12.59
10.86
11.33
10.00
11.00
12.00
13.00
14.00
UBSH Stand
Alone
First Market
Stand Alone
Pro Forma
Capital Impact
Capital ratios projected at close

38
Acquisition Blueprint
Good Demographics / Growth Market OR …Unique Product /
Service (e.g. Trust, Wealth Management)
Management Retention
Thorough Due Diligence Process
Low Integration Risk
EPS Accretive
Tangible Common Equity to Assets above 5.5%

39
Summary
Attractive branch footprint in growth
markets that will recover early
Experienced management team
Proven acquirer and integrator 

40
Proven Merger Integrator
Major operations consolidation in
1998
Acquisition and integration of
Northern Neck State Bank
King George State Bank
Rappahannock National Bank
Mortgage Capital Investors
Guaranty Bank
Numerous branch acquisitions

41
Additional Information and
Where to Find It
In connection with the proposed merger transaction with First Market Bank, Union has filed with the
Securities and Exchange Commission (the “SEC”) a preliminary proxy statement. The definitive proxy
statement will be sent to the stockholders of Union seeking their approval of certain merger related matters at
a later date. In addition, Union may file other relevant documents concerning the proposed transaction with
the SEC. STOCKHOLDERS OF UNION ARE URGED TO READ THE DEFINITIVE PROXY
STATEMENT AND ANY OTHER RELEVANT DOCUMENTS TO BE FILED WITH THE SEC IN
CONNECTION
WITH
THE
PROPOSED
TRANSACTION
BECAUSE
THEY
WILL
CONTAIN
IMPORTANT INFORMATION. Stockholders of Union may obtain free copies of these documents through
the website maintained by the SEC at http://www.sec.gov. Free copies of the definitive proxy statement
(when available) also may be obtained by directing a request by telephone or mail to Union Bankshares
Corporation, Post Office Box 446, Bowling Green, Virginia 22427-0446, Attention: Investor Relations
(telephone:
(804)
633-5031)
or
by
accessing
Union’s
website
at
http://www.ubsh.com
under
“Investor
Relations –
SEC Filings.”
The information on Union’s website is not, and shall not be deemed to be, a part of
this release or incorporated into other filings the company makes with the SEC.
Union and its directors, executive officers and certain members of management may be deemed to be
participants in the solicitation of proxies from the stockholders of Union in connection with the transaction.
Information about the directors and executive officers of Union is set forth in the proxy statement for
Union’s
2009
annual
meeting
of
shareholders
filed
with
the
SEC
on
March
19,
2009.
Additional
information
regarding the interests of these participants and other persons who may be deemed participants in the
transaction may be obtained by reading the definitive proxy statement regarding the merger when it becomes
available.

42
Caution Regarding Forward-
Looking Statements
Certain statements made in this release may be considered forward-looking statements. Such statements speak only as of the
date of this release and are based on current expectations and involve a number of assumptions. These include statements as
to the anticipated benefits of the proposed transaction with First Market Bank, including future financial and operating results
that
may
be
realized
from
the
transaction
as
well
as
other
statements
of
expectations
regarding
the
transaction
and
any
other
statements regarding future results or expectations. Union intends such forward-looking statements to be covered by the safe
harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and is
including this statement for purposes of these safe harbor provisions. Union’s ability to predict results, or the actual effects of
future plans or strategies, is inherently uncertain. Factors which could have a material effect on the operations and future
prospects
of
Union
include
but
are
not
limited
to:
(1)
the
businesses
of
acquired
companies
may
not
be
integrated
successfully
or
such
integration
may
be
more
difficult,
time-consuming
or
costly
than
expected;
(2)
expected
revenue
synergies and cost savings from acquisitions may not be fully realized or realized within the expected timeframe;
(3)
revenues
following
acquisitions
may
be
lower
than
expected;
(4)
customer
and
employee
relationships
and
business
operations
may
be
disrupted
by
acquisitions;
(5)
the
ability
to
obtain
required
regulatory
and
shareholder
approvals,
and
the
ability to complete acquisitions on the expected timeframe may be more difficult, time-consuming or costly than expected;
(6)
changes
in
interest
rates,
general
economic
conditions,
monetary
and
fiscal
policies
of
the
U.
S.
government
(including
policies of the U. S. Treasury and the Federal Reserve Board), the quality and composition of the loan and securities
portfolios, demand for loan products, deposit flows, competition, demand for financial services in its market areas, laws and
regulations,
and
accounting
principles,
policies
and
guidelines;
and
(7)
other
risk
factors
detailed
from
time
to
time
in
filings
made by Union with the SEC. Union undertakes no obligation to update or clarify these forward-looking statements, whether
as a result of new information, future events or otherwise.

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