StellarOne Corporation Announces the Sale of a Financial Service Center

CHARLOTTESVILLE, Va., July 13, 2009 (GLOBE NEWSWIRE) -- StellarOne Corporation
(Nasdaq:STEL) (StellarOne) today announced that its subsidiary, StellarOne Bank,
has signed a purchase and assumption agreement to sell a financial service
center located in Woodstock, Virginia to First Bank, with principal offices
located in Strasburg, Virginia.

The branch sale, which is subject to regulatory approval, includes all deposit
accounts, fixed assets, and real estate. At June 30, 2009, the branch reported
deposits of $15.2 million. The proposed transaction is expected to close in the
fourth quarter of 2009.

"This transaction reflects our efforts to improve synergy and cost efficiency
for our franchise, which ultimately creates value for our shareholders," said
StellarOne Executive Vice President and Chief Financial Officer, Jeffrey W.
Farrar. "While certainly a successful and profitable financial center, the
Woodstock location did not fit well with our existing franchise or long-term
strategies. This center was part of an eight-branch cluster purchased from the
former First Virginia Bank in 2003. We are confident that First Bank will
provide our Woodstock customers in-market convenience and an equally high level
of community banking service."

About StellarOne

StellarOne Corporation is a traditional community bank, offering a full range of
business and consumer banking services, including trust and wealth management
services. Through the activities of its sole subsidiary, StellarOne Bank,
StellarOne operates 59 full-service financial centers, one loan production
office, and 66 ATMs serving the New River Valley, Roanoke Valley, Shenandoah
Valley, and Central and North Central Virginia.

Forward-Looking Statements

In addition to historical information, this press release contains
forward-looking statements. The forward-looking statements are subject to
certain risks and uncertainties, which could cause actual results to differ
materially from historical results, or those anticipated. When we use words such
as "believes," "expects," "anticipates" or similar expressions, we are making
forward-looking statements. Readers are cautioned not to place undue reliance on
these forward-looking statements, which reflect management's analysis only as of
the date thereof. StellarOne wishes to caution the reader that factors, such as
those listed below, in some cases have affected and could affect StellarOne's
actual results, causing actual results to differ materially from those in any
forward-looking statement. These factors include: (i) expected cost savings from
StellarOne's acquisitions and dispositions, (ii) competitive pressure in the
banking industry or in StellarOne's markets may increase significantly, (iii)
changes in the interest rate environment may reduce margins, (iv) general
economic conditions, either nationally or regionally, may be less favorable than
expected, resulting in, among other things, credit quality deterioration, (v)
changes may occur in banking legislation and regulation, (vi) changes may occur
in general business conditions, and (vii) changes may occur in the securities
markets. Please refer to StellarOne's filings with the Securities and Exchange
Commission for additional information, which may be accessed at
www.StellarOne.com.

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CONTACT: Jeffrey W. Farrar, Executive Vice President and
Chief Financial Officer of StellarOne Corporation
(434) 964-2217
JFarrar@StellarOne.com