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Deal Overview

Buyer:
United Bankshares, Inc.
Actual Acquirer:
United Bankshares, Inc.
Target:
Centra Financial Holdings, Inc.
Deal Type:
Bank & Thrift Company
Agreement Date:
12/15/2010
Announcement Date:
12/16/2010
Announced Deal Value ($ M):
185.39
Status:
Completed
Completion Date:
7/8/2011
Announced Deal Value Per Share ($ )
20.85

Consideration Breakout
Common Stock ($M) 160.8
Common Stock Issued 6,548,473

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 130.1 116.7
Price / Tangible Book (%) 146.3 130.5
Price / Earnings (x) 22.2 18.5
Price / Deposits (%) 15.35 14.77
Price / Assets (%) 13.14 12.51
Tangible Book Premium/ Deposits (%) 6.78 4.79
Deal Terms
Description of Consideration

United Bankshares Inc. exchanged 0.7676 share of its common stock for each outstanding common share of Centra Financial Holdings Inc.

Accounting Method Acquisition
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? In Market
Goodwill Generated ($ 000) 64,032
Estimated Cost Savings (%) 25.00
Estimated Cost Savings ($ 000) 8,910
Est. Restructuring Charges ($ 000) 15,000
Maximum Termination Fee ($ 000) 7,500
Minimum Termination Fee ($ 000) 0
Exchange Ratio (Common For Common) 0.767600
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) 12,439
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Sandler O'Neill & Partners LP
Seller Yes Keefe Bruyette & Woods Inc.
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Bowles Rice LLP
Seller Yes DLA Piper LLP