November 18, 2019 / 12:04 PM / 18 days ago

United Bankshares to buy Carolina Financial for $1.1 bln

Nov 18 (Reuters) - United Bankshares Inc, owner of United Bank, said on Monday it would buy CresCom Bank parent Carolina Financial Corp in a deal valued at $1.1 billion.

Carolina shareholders will receive 1.13 United shares for each share they hold, the companies said in a statement. (reut.rs/2Otne0W)

The deal, expected to close in the second quarter of 2020, will create an entity with about $25 billion in assets. (Reporting by Bharath Manjesh in Bengaluru; Editing by Anil D’Silva)

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