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(Corrects paragraph 2 to say Union Bankshares' offer of 0.9354 was for each Xenith share, not Union share)
May 22 (Reuters) - Union Bankshares Corp said on Monday it would acquire rival Xenith Bankshares Inc in an all-stock deal valued at $694.5 million, as the community lender looks to expand into North Carolina and Maryland.
Richmond, Virginia based-Union Bankshares' offer of 0.9354 shares for each Xenith share translates to $29.67 per share and is at a 10.4 percent premium to Xenith's Friday close of $26.87.
Reporting by Sruthi Shankar in Bengaluru; Editing by Martina D'Couto