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United Bankshares Inc To Acquire Virginia Commerce Bancorp Inc

Wednesday, 30 Jan 2013 08:00am EST 

United Bankshares Inc announced the signing of a definitive merger agreement with Virginia Commerce Bancorp, Inc. (VCBI). The acquisition of VCBI will afford United the opportunity to significantly enhance its existing footprint in the Washington, D.C. Metropolitan Statistical Area. Since 1982, United has completed and effectively integrated 28 acquisitions. United will acquire 100% of the outstanding shares of VCBI in exchange for common shares of United. The exchange ratio will be fixed at 0.5442 of United`s shares for each share of VCBI which equates to a deal value of $14.00 per share, or approximately $490.6 million in the aggregate, based on United`s ten-day average closing price of $25.73 as of January 29, 2013. The transaction, which has been unanimously approved by both United`s and VCBI`s Boards of Directors, is expected to close in the third quarter of 2013, pending regulatory approvals and the approval of United`s and VCBI`s shareholders. The aggregate consideration of the transaction is approximately $490.6 million based on VCBI`s common shares outstanding, plus outstanding options and warrants. The announced price represents a premium of 15% over VCBI`s closing price on January 29, 2013, and 1.82 times VCBI`s tangible book value at December 31, 2012. Keefe, Bruyette & Woods, Inc. served as financial advisor and Bowles Rice LLP provided legal counsel to United Bankshares, Inc. 

Company Quote

-0.15 -0.46%
22 Oct 2014