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Deal Overview

Buyer:
United Bankshares, Inc.
Actual Acquirer:
United Bankshares, Inc.
Target:
Premier Community Bankshares, Inc.
Deal Type:
Bank & Thrift Company
Agreement Date:
1/26/2007
Announcement Date:
1/26/2007
Announced Deal Value ($ M):
200.06
Status:
Completed
Completion Date:
7/14/2007
Announced Deal Value Per Share ($ )
33.90

Consideration Breakout
Unclassified ($M) 187.9
Common Stock Issued 2,684,068

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 269.5 248.7
Price / Tangible Book (%) 364.0 331.9
Price / Earnings (x) 23.5 23.0
Price / Deposits (%) 27.47 25.32
Price / Assets (%) 22.21 20.52
Tangible Book Premium/ Deposits (%) 25.21 22.10
Deal Terms
Description of Consideration

United Bankshares Inc. paid $34.00 in cash or issued 0.93 shares for each share of Premier Community Bankshares Inc., subject to 50-65% of consideration being paid in stock. Target's outstanding options will be converted into options to purchase United Bankshares common stock.

Accounting Method Purchase
In-State Transaction? No
Merger of Equals? No
Geographic Expansion? In Market
Goodwill Generated ($ 000) 147,879
Estimated Cost Savings (%) 30.00
Estimated Cost Savings ($ 000) 8,250
Est. Restructuring Charges ($ 000) 9,900
Maximum Termination Fee ($ 000) 8,000
Minimum Termination Fee ($ 000) 0
Exchange Ratio (Common For Common) 0.930000
Exchange Ratio (Common For Preferred) NA
Exchange Ratio (Preferred For Common) NA
Exchange Ratio (Preferred For Preferred) NA
Lockup Agreement No
Strike Price ($ ) NA
% of Shares Outstanding NA
Shares Under Option NA
Core Deposit Intangibles ($ 000) 11,105
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Sandler O'Neill & Partners LP
Seller Yes Davenport & Co. LLC
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Bowles Rice LLP
Seller Yes Williams Mullen