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Cardinal Financial Corp completes acquisition of United Financial Banking Companies, Inc


Thursday, 16 Jan 2014 09:00am EST 

Cardinal Financial Corp:Says the holding company of Cardinal Bank, announced the completion of its acquisition of United Financial Banking Companies, Inc, the holding company of The Business Bank (TBB), pursuant to a previously announced definitive merger agreement.Says the merger of UFBC into Cardinal is effective Jan. 16, 2014.Says It is anticipated that TBB will be merged into Cardinal Bank on March 8, 2014.Says under the terms of the merger agreement, UFBC shareholders will receive $19.13 in cash and 1.154 shares of Cardinal common stock in exchange for each share of UFBC common stock they owned immediately prior to the merger.Says cash portion of the merger consideration was funded through a cash dividend of about $27.5 million from Cardinal Bank to the company, and no borrowing was incurred by the company or Cardinal Bank in connection with the merger. 

Company Quote

19.1
0.51 +2.74%
17 Dec 2014