You are here

Mergers & Acquisitions

Return to Mergers & Acquisitions

Deal Overview

Buyer:
United Bankshares, Inc.
Actual Acquirer:
United Bankshares, Inc.
Target:
Sequoia Bancshares, Inc.
Deal Type:
Bank & Thrift Company
Agreement Date:
4/7/2003
Announcement Date:
4/7/2003
Announced Deal Value ($ M):
112.18
Status:
Completed
Completion Date:
10/10/2003
Announced Deal Value Per Share ($ )
39.95

Consideration Breakout
Cash ($M) 29.7
Common Stock ($M) 89.1

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 435.3 415.7
Price / Tangible Book (%) 435.3 415.7
Price / Earnings (x) 24.3 20.2
Price / Deposits (%) 27.70 29.11
Price / Assets (%) 21.42 22.01
Tangible Book Premium/ Deposits (%) 24.74 25.07
Deal Terms
Description of Consideration

United issued 1.4071 shares or paid $39.40 in cash for each share of Sequoia, subject to a 75%/25% stock/cash split in the aggregate.

Accounting Method Purchase
In-State Transaction? No
Merger of Equals? No
Geographic Expansion? In Market
Goodwill Generated ($ 000) 79,240
Estimated Cost Savings (%) 25.00
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) NA
Maximum Termination Fee ($ 000) 1,120
Minimum Termination Fee ($ 000) NA
Exchange Ratio (Common For Common) 1.407100
Exchange Ratio (Common For Preferred) NA
Exchange Ratio (Preferred For Common) NA
Exchange Ratio (Preferred For Preferred) NA
Lockup Agreement NA
Strike Price ($ ) NA
% of Shares Outstanding NA
Shares Under Option NA
Core Deposit Intangibles ($ 000) 11,155
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer No NA
Seller Yes Sandler O'Neill & Partners LP
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Bowles Rice LLP
Seller Yes Muldoon Murphy & Aguggia LLP