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Cardinal Financial Corp Announces Plans To Acquire United Financial Banking Companies Inc


Monday, 9 Sep 2013 04:35pm EDT 

Cardinal Financial Corp announced the signing of a definitive merger agreement under which Cardinal will acquire United Financial Banking Companies Inc. (UFBC), the holding company of The Business Bank (TBB), for $38.26 per share. The acquisition is expected to close in the first quarter of 2014 and is subject to UFBC shareholder approval, regulatory approval and other conditions set forth in the merger agreement. Pursuant to the terms of the merger agreement, which has been unanimously approved by the Boards of Directors of both companies, UFBC common shareholders will receive 1.154 shares of Cardinal common stock plus $19.13 in cash for each share of UFBC common stock, for an aggregate transaction value of approximately $51.7 million, excluding stock options and warrants. Subject to the receipt of requisite approvals, UFBC will redeem all of its Small Business Lending Fund preferred stock held by the U.S. Treasury prior to closing. Raymond James & Associates, Inc. is acting as financial advisor to Cardinal and Sandler O`Neill + Partners, L.P. is acting as financial advisor to UFBC. LeClairRyan is acting as legal advisor to Cardinal and BuckleySandler, LLP is acting as legal advisor to UFBC. 

Company Quote

18.19
0.09 +0.50%
10:41am EDT