You are here

Mergers & Acquisitions

Return to Mergers & Acquisitions

Deal Overview

Buyer:
United Bankshares, Inc.
Actual Acquirer:
United Bankshares, Inc.
Target:
Century Bancshares Incorporated
Deal Type:
Bank & Thrift Company
Agreement Date:
6/14/2001
Announcement Date:
6/14/2001
Announced Deal Value ($ M):
70.18
Status:
Completed
Completion Date:
12/10/2001
Announced Deal Value Per Share ($ )
14.50

Consideration Breakout
Cash ($M) 16.7
Common Stock ($M) 61.2
Common Stock Issued 2,191,147

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 251.7 276.3
Price / Tangible Book (%) 325.8 349.4
Price / Earnings (x) NM NM
Price / Deposits (%) 21.18 23.59
Price / Assets (%) 16.89 18.84
Tangible Book Premium/ Deposits (%) 17.95 21.04
Deal Terms
Description of Consideration

United exchanged 0.45 share and $3.43 in cash for each Century share. Century had the right to terminate if United shares fell to trading prices 25% less than their initial level during a specified period.

Accounting Method Purchase
In-State Transaction? No
Merger of Equals? No
Geographic Expansion? In Market
Goodwill Generated ($ 000) 46,424
Estimated Cost Savings (%) 25.00
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) 4,500
Maximum Termination Fee ($ 000) 0
Minimum Termination Fee ($ 000) NA
Exchange Ratio (Common For Common) 0.450000
Exchange Ratio (Common For Preferred) NA
Exchange Ratio (Preferred For Common) NA
Exchange Ratio (Preferred For Preferred) NA
Lockup Agreement Yes
Strike Price ($ ) 12.0000
% of Shares Outstanding 14.90
Shares Under Option 641,790
Core Deposit Intangibles ($ 000) NA
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer No NA
Seller Yes B. Riley FBR Inc.
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Bowles Rice LLP
Seller Yes Bracewell LLP