Exhibit 99.1

Xenith Bankshares, Inc. Reports Third Quarter and Year-to-Date 2017 Results

RICHMOND, VA, October 25, 2017 — Xenith Bankshares, Inc. (Nasdaq: XBKS), parent company of Xenith Bank, announced financial results for the three and nine months ended September 30, 2017.

The company reported net income of $7.158 million, or $0.30 per diluted share, for the third quarter of 2017. Results for the third quarter of 2017 included costs of $0.930 million ($0.03¹ per diluted share) incurred in connection with the previously-announced proposed merger with Union Bankshares Corporation (Union). The company reported $19.088 million of net income, or $0.81 per diluted share, for the nine months ended September 30, 2017. Results for the nine months ended September 30, 2017 included merger-related costs of $2.895 million ($0.08¹ per diluted share).

Results for the three- and nine-month periods ended September 30, 2016 include the operations of the company since the date of the merger with legacy Xenith Bankshares, Inc. (legacy Xenith), which was effective on July 29, 2016, and thus are not comparable to the same periods in 2017. The company exited the mortgage banking business beginning in the fourth quarter of 2016, and as such, the results of the mortgage banking business are reported as discontinued operations. The following discussion relates to continuing operations only.

T. Gaylon Layfield, III, Chief Executive Officer, commented: “The third quarter continued to demonstrate the benefits of the merger with legacy Xenith, as the company reported a record pre-tax income for the period. Organic loan growth accelerated nicely, as we had expected, with an increase in overall loan yield. Our efficiency ratio, excluding merger-related costs, continued its decline and credit metrics continued their improving trend, now comparing favorably with peer metrics. At the same time, we have made progress on merger integration planning in anticipation of the closing of our merger with Union, which we currently expect to be completed during early January 2018. As previously announced, we have received the necessary regulatory approvals for the merger. As we have communicated with our constituencies, I sense a real enthusiasm that exists for the creation of the only true regional bank headquartered in the Commonwealth of Virginia with a statewide franchise operating in some of the strongest and most diversified economies in the United States.”

Third Quarter and Year-to-Date 2017 Highlights

Operating Results

Third Quarter 2017 compared to Second Quarter 2017

Total interest income for the three months ended September 30, 2017 and June 30, 2017 was $30.412 million and $29.586 million, respectively. Average interest-earning assets were $2.862 billion for the third quarter of 2017 compared to $2.834 billion for the second quarter of 2017. Asset yields were 4.23% for the third quarter of 2017 compared to asset yields of 4.21% for the second quarter of 2017.

Total interest expense for the three months ended September 30, 2017 and June 30, 2017 were $5.187 million and $4.876 million, respectively, and the cost of interest-bearing liabilities for the third quarter and second quarter of 2017 were 0.95% and 0.90%, respectively.

Net interest margin was 3.51% for the third quarter of 2017 compared to 3.52% for the second quarter of 2017. Net interest margin excluding accretion of acquired loan discounts was 3.43% for the third quarter of 2017 compared to 3.37% for the second quarter of 2017.

Net interest income after provision for loan losses was $25.225 million for the three months ended September 30, 2017 compared to $24.710 million for the three months ended June 30, 2017. There was no provision for loan loss in the third or second quarters of 2017.

Total noninterest income was $4.172 million for the third quarter of 2017 compared to $3.820 million for the second quarter of 2017. Noninterest income for the third quarter of 2017 reflects $977 thousand of net realized gains from the sale of investment securities.

Total noninterest expense for the third quarter of 2017 was $18.779 million, which included $930 thousand in merger-related costs, compared to $19.438 million for the second quarter of 2017, which included $1.715 million in merger-related costs.

Net income from continuing operations was $7.165 million, or $0.30 per diluted share, for the third quarter of 2017 compared to net income from continuing operations of $6.252 million, or $0.27 per diluted share, for the second quarter of 2017.

Balance Sheet

Gross loans totaled $2.424 billion as of September 30, 2017, which excluded $19.397 million of guaranteed student loans, which are reported as held for sale as of September 30, 2017, up $74.769 million from $2.349 billion, excluding $21.223 million of guaranteed student loans, as of June 30, 2017. Loans held through mortgage origination participation arrangements declined $9.176 million over this same period. Growth during this period was primarily driven by growth in the commercial real estate, commercial and industrial, and marine loan portfolios. Excluding guaranteed student loans and loans held through mortgage origination participation arrangements, gross loans increased $70.963 million to September 30, 2017 from December 31, 2016.

Securities available for sale were $305.768 million at September 30, 2017 compared to $317.443 million at December 31, 2016. Total securities as a percentage of the company’s total assets were 9.4% at September 30, 2017.

Total assets were $3.256 billion at September 30, 2017 compared to $3.267 billion at December 31, 2016. Total deposits were $2.605 billion at September 30, 2017 compared to $2.572 billion at December 31, 2016.

Asset and Credit Quality

At September 30, 2017, the ratio of nonperforming assets to total assets was 0.79% and the ratio of nonperforming loans to gross loans was 0.87%. The ratio of the company’s allowance for loan losses to nonaccrual loans was 77%. Net charge-offs as a percentage of average loans were 0.24% for the nine months ended September 30, 2017. The company’s allowance for loan losses as a percentage of gross loans was 0.67% at September 30, 2017. Allowance for loan losses plus remaining discounts (fair value adjustments) on acquired loans as a percentage of total loans was 0.90%¹ as of September 30, 2017.

Capital and Shareholder Value Measures

The company’s capital strength was reflected in ratios that were well above regulatory standards for “well- capitalized” bank holding companies, with a common equity Tier 1 capital ratio of 12.79%, a Tier 1 leverage ratio of 11.93%, a Tier 1 risk-based capital ratio of 12.90%, and a total risk-based capital ratio of 13.77% at September 30, 2017. Xenith Bank had a common equity Tier 1 capital ratio of 12.16%, a Tier 1 leverage ratio of 11.24%, a Tier 1 risk-based capital ratio of 12.16%, and a total risk-based capital ratio of 12.74% at September 30, 2017.

Total shareholders’ equity was $484.261 million at September 30, 2017 compared to $463.638 million at December 31, 2016. Tangible book value was $19.55 per share of common stock at September 30, 2017 compared to $18.72 at December 31, 2016. Return on average assets was 0.89% (0.96%¹ excluding merger-related costs) for the third quarter of 2017 and 0.79% (0.93%¹ excluding merger-related costs) for the second quarter of 2017. Return on average common equity was 5.86% (6.36%¹ excluding merger-related costs) for the third quarter 2017, up from 5.28% (6.22%¹ excluding merger-related costs) for the second quarter of 2017.

Layfield concluded: “I anticipate that this will be the company’s last earnings press release, assuming the closing of our merger with Union during early January 2018. With that in mind, I would like to take this opportunity to thank all of our shareholders who have joined us for this journey. It is your confidence and capital that have allowed us to traverse what I believe is a remarkable path. Legacy Xenith began as the 78^th largest of approximately 110 banks headquartered in the Commonwealth. In seven years and following the strategic merger with legacy Hampton Roads Bankshares, the combined organization emerged as the 5^th largest bank headquartered in the Commonwealth. Through the pending merger with Union Bankshares, our shareholders will own approximately one-third of the largest bank headquartered in Virginia. What a story.

I would be terribly remiss if I did not also recognize and thank the folks responsible for the company successfully navigating this path, my colleagues at Xenith. From day one, this has been a team effort. Despite a challenging banking and economic environment for most of our existence, our teams from each of the organizations now comprising Xenith have simply performed in exemplary fashion. And I am deeply honored to have been a part of the journey.”

Profile

Xenith Bankshares, Inc. (the “company” or “Xenith”) is the holding company for Xenith Bank, a full-service commercial bank headquartered in Richmond, Virginia. Xenith Bank specifically targets the banking needs of middle market and small businesses, local real estate developers and investors, and retail banking clients. The company also offers marine finance floorplan and end-user products through its Shore Premier Finance division. Xenith Bank’s regional area of operations spans from greater Baltimore, Maryland to Raleigh and eastern North Carolina, complementing its significant presence in Greater Washington, D.C., Greater Richmond, Virginia, Greater Hampton Roads, Virginia and on the Eastern Shore of Maryland and Virginia. Xenith Bank has 40 full-service branches and two loan production offices located across these areas with its headquarters centrally located in Richmond. The company’s common stock trades on The NASDAQ Stock Market under the symbol “XBKS.”

Additional information about the company and its subsidiaries can be found at www.xenithbank.com.

Additional Information and Where to Find It

In connection with the proposed merger, Union Bankshares Corporation (“Union”) filed with the Securities and Exchange Commission (the “SEC”) a registration statement on Form S-4 to register the shares of Union common stock to be issued to the shareholders of Xenith. The registration statement included a joint proxy statement of Union and Xenith and a prospectus of Union. A definitive joint proxy statement/prospectus was sent to the shareholders of Union and Xenith on September 21, 2017 seeking their approval of the merger and related matters. This release 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. Before making any voting or investment decision, investors and shareholders of Union and Xenith are urged to read carefully the entire registration statement and joint proxy statement/prospectus, including any amendments thereto, because they will contain important information about the proposed transaction. Free copies of these documents may be obtained as described below.

Investors and shareholders of both companies are urged to read the registration statement on Form S-4 and the joint proxy statement/prospectus included within the registration statement and any other relevant documents to be filed with the SEC in connection with the merger because they contain important information about Union, Xenith and the proposed transaction. Investors and shareholders of both companies are urged to review carefully and consider all public filings by Union and Xenith with the SEC, including but not limited to their Annual Reports on Form 10-K, their proxy statements, their Quarterly Reports on Form 10-Q, and their Current Reports on Form 8-K. Investors and shareholders may obtain free copies of these documents through the website maintained by the SEC at www.sec.gov. Free copies of the joint proxy statement/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, VA 23219, Attention: Investor Relations (telephone: (804) 633-5031), or Xenith Bankshares, Inc., 901 E. Cary Street Richmond, Virginia, 23219, Attention: Thomas W. Osgood (telephone: (804) 433-2200), or by accessing Union’s website at www.bankatunion.com under “Investor Relations” or Xenith’s website at www.xenithbank.com under “Investor Relations” under “About Us.” The information on Union’s and Xenith’s websites is not, and shall not be deemed to be, a part of this release or incorporated into other filings either company makes with the SEC.

Union and Xenith and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from the shareholders of Union and/or Xenith in connection with the merger. Information about the directors and executive officers of Union is set forth in the proxy statement for Union’s 2017 annual meeting of shareholders filed with the SEC on March 21, 2017. Information about the directors and executive officers of Xenith is set forth in Xenith’s Annual Report on Form 10-K, as amended, filed with the SEC on May 1, 2017. Additional information regarding the interests of these participants and other persons who may be deemed participants in the merger may be obtained by reading the joint proxy statement/prospectus regarding the merger when it becomes available. Free copies of these documents may be obtained as described above.

Caution About Forward-Looking Statements

All statements other than statements of historical facts contained in this press release are forward-looking statements. Forward-looking statements made in this press release reflect beliefs, assumptions and expectations of future events or results, taking into account the information currently available to Xenith. These beliefs, assumptions and expectations may change as a result of many possible events, circumstances or factors, not all of which are currently known to Xenith. If a change occurs, Xenith’s business, financial condition, liquidity, results of operations and prospects may vary materially from those expressed in, or implied by, the forward-looking statements. Accordingly, you should not place undue reliance on these forward-looking statements. Factors include among others: the possibility that any of the anticipated benefits of the merger with Union will not be realized or will not be realized within the expected time period, the businesses of Xenith and Union may not be integrated successfully or such integration may be more difficult, time-consuming or more costly than expected, the expected revenue synergies and cost savings from the merger may not be fully realized or realized within the expected timeframe, revenues following the merger may be lower than expected, customer and employee relationships and business operations may be disrupted by the merger, or obtaining required shareholder approvals, or completing the merger in the expected timeframe may be more difficult, time-consuming or costly than expected; changes in asset quality and credit risk; the inability to sustain revenue and earnings growth; changes in interest rates and capital markets; inflation; customer borrowing, repayment, investment and deposit practices; customer disintermediation; the introduction, withdrawal, success and timing of business initiatives; competitive conditions; the inability to realize cost savings or revenues or to implement integration plans and other consequences associated with mergers, acquisitions and divestitures; economic conditions; the inability to realize deferred tax assets within expected time frames or at all; and the impact, extent and timing of technological changes, capital management activities and other actions of the Federal Reserve Board and legislative and regulatory actions and reforms; and the risks discussed in Xenith’s public filings with the SEC, including those outlined under “Risk Factors” in Xenith’s Annual Report on Form 10-K for the year ended December 31, 2016. Except as required by applicable law or regulations, Xenith does not undertake, and specifically disclaims any obligation, to update or revise any forward-looking statement.

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Contact:

Thomas W. Osgood

Executive Vice President, Chief Financial Officer,

Chief Administrative Officer and Treasurer

(804) 433-2209

tosgood@xenithbank.com

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