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Deal Overview

Buyer:
United Bankshares, Inc.
Actual Acquirer:
United Bankshares, Inc.
Target:
Carolina Financial Corporation
Deal Type:
Bank & Thrift Company
Agreement Date:
11/17/2019
Announcement Date:
11/18/2019
Announced Deal Value ($ M):
1,118.73
Status:
Completed
Completion Date:
5/1/2020
Announced Deal Value Per Share ($ )
44.65

Consideration Breakout
Common Stock ($M) 840.6
Common Stock Issued 28,000,000

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 159.8 112.8
Price / Tangible Book (%) 207.1 154.6
Price / Earnings (x) 16.3 12.1
Price / Deposits (%) 39.35 24.87
Price / Assets (%) 28.11 18.00
Tangible Book Premium/ Deposits (%) 27.46 11.17
Deal Terms
Description of Consideration

United Bankshares Inc. exchanged 1.13 shares of its stock for each outstanding share of Carolina Financial Corp. United Bankshares Inc. also assumed Carolina Financial Corp.’s junior subordinated debt and trust preferred.

Accounting Method Acquisition
In-State Transaction? No
Merger of Equals? No
Geographic Expansion? Market Expansion
Goodwill Generated ($ 000) 253,349
Estimated Cost Savings (%) 25.00
Estimated Cost Savings ($ 000) 24,821
Est. Restructuring Charges ($ 000) 52,000
Maximum Termination Fee ($ 000) 39,700
Minimum Termination Fee ($ 000) 0
Exchange Ratio (Common For Common) 1.130000
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) 22,190
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Sandler O'Neill & Partners LP
Seller Yes Raymond James & Assoc. Inc.
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Bowles Rice LLP
Seller Yes Nelson Mullins Riley