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Deal Overview

Buyer:
United Bankshares, Inc.
Actual Acquirer:
United Bank
Target:
Bank of Georgetown
Deal Type:
Bank & Thrift Company
Agreement Date:
11/9/2015
Announcement Date:
11/9/2015
Announced Deal Value ($ M):
269.00
Status:
Completed
Completion Date:
6/3/2016
Announced Deal Value Per Share ($ )
39.88

Consideration Breakout
Common Stock ($M) 258.0
Common Stock Issued 6,527,746

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 217.9 203.8
Price / Tangible Book (%) 217.9 203.8
Price / Earnings (x) 27.6 35.7
Price / Deposits (%) 28.05 27.43
Price / Assets (%) 22.12 20.77
Tangible Book Premium/ Deposits (%) 20.48 19.03
Deal Terms
Description of Consideration

United Bankshares Inc. exchanged 0.9313 shares of its common stock for each outstanding share of Bank of Georgetown.

Accounting Method Acquisition
In-State Transaction? No
Merger of Equals? No
Geographic Expansion? In Market
Goodwill Generated ($ 000) 154,172
Estimated Cost Savings (%) 35.00
Estimated Cost Savings ($ 000) 7,625
Est. Restructuring Charges ($ 000) 20,000
Maximum Termination Fee ($ 000) 11,288
Minimum Termination Fee ($ 000) 0
Exchange Ratio (Common For Common) 0.931300
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) 9,058
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 Covington & Burling LLP