RICHMOND, Va., Oct. 27 /PRNewswire-FirstCall/ -- First Market Bank and
Markel Corporation (NYSE: MKL) are pleased to jointly announce that Markel
Corporation has agreed to make a significant minority investment in common and
preferred equity of First Market Bank (FMB). Ukrop's Super Markets Inc. will
maintain its majority ownership interest in FMB. The proposed investment is
subject to customary closing conditions, including regulatory approvals, and
is expected to close in the first quarter of 2006. First Market Bank will
continue to be a local, privately held company, with its own Board of
Directors and management. The transaction will not impact First Market Bank
associates and customers will continue to receive the quality products and
services they have come to expect from First Market Bank.
Jim Ukrop, Chairman of First Market Bank, stated: "We've known Markel and
the Markel family for many years. They are respected community leaders who
will be a great addition to the First Market Bank family." Steven Markel,
Vice Chairman of Markel Corporation, stated: "We are delighted to have an
opportunity to become associated with First Market Bank. They have a proven
track record of outstanding customer service and a commitment to financial
success. Our organizations share similar core values and we look forward to
strengthening our relationship."
In connection with its investment, Markel, although a minority investor,
will file an application with the Office of Thrift Supervision (OTS) to become
a thrift holding company under the Home Owners Loan Act. As a thrift holding
company, Markel will be subject to additional regulatory oversight by the OTS
and regulations regarding acquisition of control similar to those applicable
to insurance holding companies.
Opening in November of 1997 and headquartered in Richmond, First Market
Bank is a leading provider of financial services in Central Virginia. With
more than one billion dollars in assets, the company operates thirty four full
service banking branches, a local call center and a local operations center.
First Market Bank continues to look forward with ambitious growth plans that
include moving into new markets and adding branches.
Markel Corporation is an international property and casualty insurance
company with assets in excess of eight billion dollars. Markel markets and
underwrites specialty insurance products and programs to a variety of niche
markets. In each of these markets, Markel seeks to provide quality products
and excellent customer service so that it can be a market leader. The
financial goals of Markel are to earn consistent underwriting profits and
superior investment returns to build shareholder value.
SOURCE: Markel Corporation; First Market Bank
CONTACT: Katie Gilstrap of First Market Bank, +1-804-327-7567,
Katie.firstname.lastname@example.org, or Bruce A. Kay of Markel Corporation,