Applying for Open Jobs
What are the opportunities for job growth?
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Any time there are organizational changes opportunities may exist for an employee to rise to new levels. As time goes on, we will communicate open positions, and an employee will have the ability to apply for Union positions/opportunities.
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Will current open positions at each bank be
put on hold?
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Union and Access will both continue to run their
businesses independently until the closing of the merger. Management at each bank will evaluate whether it can hold open positions
for displaced employees on a case-by-case basis.
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Can an Access employee apply for open Union
positions prior to the merger closing date?
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Yes, an Access employee can apply for open Union
positions. Open positions can be found under the career section on Union’s website. If an Access employee is offered a position
before the merger closing date, he/she will need to resign from his/her position at Access and will start as a new Union employee.
If the new position is accepted prior to the completion of the merger, prior years of service with Access will not be counted under
any of Union’s benefit or other programs except to the extent required by law.
Until the merger closes, Access’s Human
Resources Department will coordinate with Union’s Human Resources Department to relay information about open positions on
both sides.
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Pay, Merit and Incentive
Will Access employees receive their bonus in 2019?
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Yes, an incentive eligible Access employee will
receive his/her bonus as normal and any bonus will be determined by Access Management based on 2018 performance. Payments
will be made no later than March 15, 2019.
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Will Access employees be eligible to receive
a merit increase in 2019?
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Access Management will close out the 2018 annual
performance review process in February 2019. This includes merit increase decisions with a March 1st effective date (reflected
in the March 30th paycheck). This aligns with Union’s annual merit review process.
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Will my paycheck come from Access?
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Yes, an Access employee will continue to be paid
on the Access payroll through the merger closing. At some point after the merger closing, all employees will be moved to Union’s
payroll. More information will be provided after the merger closing date.
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Benefits and Paid Time Off (PTO)
Will years of service (tenure) of Access employees
be carried over?
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Yes, years of service with Access and Middleburg
will carry forward after closing and will be counted for purposes of determining benefits service eligibility and Paid Time Off
(PTO) under Union’s benefit plans.
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Will benefits of Access employees change after the merger?
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An Access employee will move to Union’s
benefit plans including the 401(k) Plan at some point after the merger closing date. Until that time, an Access employee will continue
to participate in the Access benefit plans elected during Open Enrollment for the 2019 Plan Year. Union’s 2019 Benefits Guide
is attached for your review.
A detailed communication packet will be distributed
prior to the merger closing date. This package will include information on Union’s benefit and retirement plans including
benefits open enrollment instructions.
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When do Access employees move to Union’s
PTO program?
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Until the merger closing date, Access’s
paid time off policies will continue to apply but will be amended prior to December 31, 2018 to provide that, for 2018 only, no
PTO will be rolled over for use in 2019. Instead, for 2018 only, up to 80 hours of unused PTO will be cashed out and paid to the
Access employee on January 31, 2019. Beginning for PTO credited in 2019, the Access policy will be revised to limit PTO rollover
(at the end of 2019) to 40 hours and to limit the use of rolled over PTO hours to be consistent with the Union policy. Access will
provide additional information regarding these changes to each Access employee at a later date.
Details regarding Union’s Paid Time Off
policy are attached for your review. Please note:
·
Union’s PTO policy allows for up to 40 hours to be carried
over in the next year and limits how rolled over PTO can be used.
·
Union PTO calculation takes into consideration tenure and officer
title. An Access employee will be communicated his/her officer title, if applicable, during the job status notification process.
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Where can employees go to find more information?
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We will continue to provide information as more
details become available. This information can be found on the Access S:UNION and R:UNION shared drives. In the meantime, please
feel free to reach out to your manager or ANC-HR if you have additional questions. If you have not already done so, please view
the video of John Asbury, Union’s CEO, and Michael Clarke, Access’s CEO, on the Access J: drive.
Please note that this FAQ contains a high-level
summary of Union’s Severance Pay Plan. In the event there is a discrepancy between this FAQ and the Severance Pay Plan document,
the terms of the legal severance plan document will control.
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Important Additional Information will be filed
with the SEC
This FAQ does not constitute an offer to sell or the
solicitation of an offer to buy any securities or a solicitation of any vote or approval with respect to the proposed acquisition
by Union Bankshares Corporation (“Union”) of Access National Corporation (“Access”). No offer of securities
shall be made except by means of a prospectus meeting the requirements of the Securities Act of 1933, as amended, and no offer
to sell or solicitation of an offer to buy shall be made in any jurisdiction in which such offer, solicitation or sale would be
unlawful.
In connection with the proposed acquisition, Union has
filed with the Securities and Exchange Commission (the “SEC”) a Registration Statement on Form S-4 that includes a
joint proxy statement of Union and Access and a prospectus of Union (the “Joint Proxy/Prospectus”), and each of Union
and Access may file with the SEC other relevant documents concerning the proposed transaction. A definitive Joint Proxy/Prospectus
will be sent to the shareholders of Union and Access.
Investors and shareholders of Union and Access are urged to read carefully
and in their entirety the Registration Statement and Joint Proxy/Prospectus and any other relevant documents filed with the SEC
by Union and Access, as well as any amendments or supplements to those documents, because they will contain important information
about the proposed transaction.
Investors and shareholders may obtain free copies of
the Registration Statement and the Joint Proxy/Prospectus and other documents filed with the SEC by Union and Access through the
website maintained by the SEC at www.sec.gov. Free copies of the Registration Statement and the Joint Proxy/Prospectus and other
documents filed with the SEC also may be obtained by directing a request by telephone or mail to Union Bankshares Corporation,
1051 East Cary Street, Suite 1200, Richmond, Virginia 23219, Attention: Investor Relations (telephone: (804) 633-5031), or Access
National Corporation, 1800 Robert Fulton Drive, Suite 300, Reston, VA 20191. Attention: Sheila Linton (telephone: (703) 871-2100),
or by accessing Union’s website at www.bankatunion.com under “Investor Relations” or Access’s website at
www.accessnationalbank.com under “Investor Relations.” The information on Union’s and Access’s websites
is not, and shall not be deemed to be, a part of this FAQ or incorporated into other filings either company makes with the SEC.
Participants in the Solicitation
Union, Access and their respective directors and
certain of their executive officers and employees may be deemed to be participants in the solicitation of proxies from the shareholders
of Union or Access in connection with the proposed transaction. Information about the directors and executive officers of Union
and their ownership of Union common stock is set forth in the proxy statement for Union’s 2018 annual meeting of shareholders,
which was filed with the SEC on March 21, 2018. Information about the directors and executive officers of Access and their ownership
of Access common stock is set forth in the proxy statement for Access’s 2018 annual meeting of shareholders, which was filed
with the SEC on April 12, 2018. Information regarding the persons who may, under the rules of the SEC, be deemed participants in
the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, is contained
in the Joint Proxy/Prospectus and other relevant materials filed with the SEC. Free copies of these documents may be obtained as
described above.
Forward-Looking Statements
Certain statements in this FAQ may constitute “forward-looking
statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include,
without limitation, projections, predictions, expectations, or beliefs about future events or results that are not statements of
historical fact. Such statements also include statements as to the anticipated impact of the Union acquisition of Access, including
future financial and operating results, ability to successfully integrate the combined businesses, the amount of cost savings,
overall operational efficiencies and enhanced revenues as well as other statements regarding the acquisition. Such forward-looking
statements are based on various assumptions as of the time they are made, and are inherently subject to known and unknown risks,
uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those
expressed or implied by such forward-looking statements. Forward-looking statements are often accompanied by words that convey
projected future events or outcomes such as “expect,” “believe,” “estimate,” “plan,”
“project,” “anticipate,” “intend,” “will,” “may,” “view,”
“opportunity,” “potential,” or words of similar meaning or other statements concerning opinions or judgment
of Union or Access or their management about future events. Although each of Union and Access 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 Union or Access will not
differ materially from any projected future results, performance, or achievements expressed or implied by such forward-looking
statements. Actual future results, performance or achievements may differ materially from historical results or those anticipated
depending on a variety of factors, including but not limited to, the businesses of Union and Access may not be integrated successfully
or such integration may be more difficult, time-consuming or costly than expected, expected revenue synergies and cost savings
from the proposed acquisition may not be fully realized or realized within the expected time frame, revenues following the proposed
acquisition may be lower than expected, customer and employee relationships and business operations may be disrupted by the proposed
acquisition, the diversion of management time on acquisition-related issues, changes in Union’s share price before closing,
risks relating to the potential dilutive effect of shares of Union common stock to be issued in the proposed transaction, the ability
to obtain regulatory, shareholder or other approvals or other conditions to closing on a timely basis or at all, the ability to
close the proposed acquisition on the expected timeframe, or at all, and that closing may be more difficult, time-consuming or
costly than expected, the reaction to the proposed acquisition of the companies’ customers, employees and counterparties,
and other risk factors, many of which are beyond the control of Union and Access. We refer you to the “Risk Factors”
and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of Union’s
Annual Report on Form 10-K for the year ended December 31, 2017 and Access’s Annual Report on Form 10-K for the year ended
December 31, 2017 and comparable “risk factors” sections of Union’s and Access’s Quarterly Reports on Form
10-Q and other filings, which have been filed with the SEC and are available on the SEC’s website at www.sec.gov. All of
the forward-looking statements made in this FAQ are expressly qualified by the cautionary statements contained or referred to herein.
The actual results or developments anticipated may not be realized or, even if substantially realized, they may not have the expected
consequences to or effects on Union, Access or their respective businesses or operations. Readers are cautioned not to rely too
heavily on the forward-looking statements contained in this FAQ. Forward-looking statements speak only as of the date they are
made and neither Union nor Access undertakes any obligation to update, revise or clarify these forward-looking statements, whether
as a result of new information, future events or otherwise.
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