* Deal potentially valued at $186.9 mln
* To enter Pennsylvania, expand in Maryland, West Virginia
Dec 16 United Bankshares Inc (UBSI.O) said it
will buy Centra Financial Holdings Inc for $186.9 million,
giving it entry into Pennsylvania and boosting its presence in
Maryland and West Virginia.
Morgantown, West Virginia-based Centra's share holders will
recieve 0.7676 of United Banshares' shares for each share they
The deal price represents 17.3 times Centra's 2011 earnings
estimate and 1.3 times book value, the company said.
With the acquisition of Centra, which has $1.4 billion in
assets and 15 offices, United Bankshares' assets will grow to
about $9 billion.
The transaction, which has been approved by the boards of
both companies and has a termination fee of $7.5 million, is
expected close early in the third quarter of 2011.
Shares of Charleston, West Virginia-based United Bankshares
closed at $26.94 Wednesday on Nasdaq.
(Reporting by Archana Shankar in Bangalore; Editing by Jarshad